That's true but not all interest rates are equal, and state intervention and central bank intervention distort all prices -- including the time-price of money. Does the US federal government really need to 'go to market' to borrow money? OFC not. The fed can buy as much treasury debt it wants, with keypresses on a computer -- and that, at any interest rate it wants to set. It's a completely farcical, political system that's pretending to be a market. Probably the two best books on the subject of how badly distorted the world gets when you allow the moneyprinters to take control are : 1) The Fiat Standard by Saifedean Ammous https://saifedean.com/the-fiat-standard/ 2) The Ethics of Money Production by Dr. Jörg Guido Hülsmann https://mises.org/library/ethics-money-production (free ebook) Really awesome books - not sure if there's audiobooks yet.