Decades of artificially low interest rates and money printing have altered people's perception of reality. We imagine that 5 percent interest rates and 7 percent mortgages are "high."

They aren't.

At least not from a historical standpoint.

In this episode of the Midweek Memo podcast, host Mike Maharrey explains why we have an entire generation of people working in the financial sector who think extraordinary loose monetary policy is the norm and why they are wrong. Along the way, he highlights the government's relentless devaluation of the dollar, using the recent demise of the penny as a vivid example.