Editor, Gazette-Journal:

The era of ultra-low interest rates is coming to an end. Since 2008, interest rates have been lowered to near zero. Central banks have deprived savers of the possibility of creating the cure to end this financial malady.

This policy of low to zero interest constitutes massive theft from savers while contributing to the greatest accumulation of debt that the world has thus far experienced, from $150 trillion world debt in 2007 to $220 trillion today.

The total consumer debt in the U.S. stands at $68 trillion, up from $29 trillion in 2000. It is a fact that more than 45 million or 14.5 percent of all Americans live below the poverty line. It was recently reported that over the past 24 months, credit card spending has outpaced income.

Already, the Federal Reserve rate increases have raised the cost of credit card debt about $7.5 billion per year. That total will rise by another $8 billion as future scheduled interest rate increases take effect. Every one-quart...