[roenxi]

> Rather it's the emergent manifestation of the aggregate behavior and preferences of investors, savers, and foreign traders across the entire economy.

I'm no expert in Danish monetary policies; but I'm 80% confident their interest rates are set by these people:

https://www.nationalbanken.dk/en/marketinfo/official_interes...

It isn't an emergent phenomenon if a 25 person committee declares what the phenomenon will emerge to.

> A low interest rate is the direct result of indifference to inter-temporal substitution.

It is a direct response to government removing anyone who cares about the future from the market by buying them out.

> Chinese and Russian exporters have very high faith in the Danish Krona, and will sell goods today for the promise of Danish goods in the distant future.

I mean sure, but Denmark is maintaining a currency peg. None of this is reassuring free market singalling; this is all the largely the government declaring that the numbers must not look bad.