Walking Through a Shopping Mall
My role as Head of the Central Bank is multifaceted. Most days, I read, have meetings, and send emails. Semi-frequently, I meet with business executives, journalists, and politicians. My preferred days are those spent with young and enquiring minds in schools and universities; these occur the least frequently. What I do every day, though, is think about the interest rate.
Inflation has been high. My job is to keep inflation within the target rate to allow your money and my money to retain its value. The primary tool I have to maintain inflation within its target range is the interest rate. After discussions with my fellow Central Bankers, one of three choices can be made, firstly, I can increase the interest rate and thus slow down the economy to reduce inflation. Secondly, I can decrease the interest rate to stimulate the economy which may also increase inflation. Finally, I can keep the interest rate constant. It is not that simple, but this is essentially the task I confront daily. It is an imperfect science. It is a beautiful art.
A month after my 49th birthday last year, I signed up for a marathon and needed a new pair of running shoes. I visited a large local shopping mall to purchase a pair of shoes. At the time, inflation was high. In our meetings, we had begun discussions around increasing the interest rate. As I walked through the shopping mall, I was aghast by the sheer number of people. I could hardly walk in a straight line. I ambled past a bustling stir fry restaurant, Lin and Shi Noodles, its aroma arrested my attention and gave it a sense of authenticity. Its gas-fired stoves gave rise to flames heating multiple woks in preparation to feed the line of hungry customers. I repeatedly had to dodge human after human. When I thought I was in the clear with the walkway way partially to myself, another tsunami of humans would crash onto the corridor and destroy my fleeting sense of peace. All these people did not need to be here. This was not all non-discretionary spending. Didn’t people understand that they should not be spending excessively because inflation was high?
I returned weeks later. Not because I needed another pair of shoes but because I was curious to see the impact of the change we had made during the week. Much to my dismay, our logic, at least in the short term had not proven to be correct. I still could not walk with any degree of comfort. Lin and Shi Noodles still has its certification of authenticity and a healthy line of salivating customers. The tsunami of individuals continued to shatter my transient bouts of peace. I still had to zig-zag my way from one end of the shopping mall to the other due to the large crowds. I knew what I was going to be suggesting to the board in our upcoming meetings.
Seasons had changed since my last visit to the shopping mall, and my 50th birthday slowly approached. It had been a week since our meeting. My marathon training was going well. The shoes were doing their job. But sadly our interest rate rises were not having as much of a positive impact on inflation as my shoes were on my running ability. Still, after the most recent increase, I had to zig-zag between individuals to get from one end of the shopping mall to the other. Although, I must admit the frequency of my zigging and zagging had decreased. The line outside Lin and Shi Noodles was more centipede than snake. The intensity of the human tsunami had decreased lengthening my once fleeting moments of peace.
The next month, we replicated the decision of the month prior. We increased the interest rate again. When I went back to the shopping mall. I was initially struck by the space. The path my feet took was less resembling a Z and beginning to mirror an I. There were fewer woks on Lin and Shi Noodles’ gas stove. The tsunami was now more of a large wave, suitable for the daring big-wave surfer.
The following month, we did it again, another increase. I found it much easier to find a parking spot at the shopping mall. I went in the usual entrance and began my now routine path to the other side. My path was much straighter. I now only infrequently had to veer to the side to allow a fellow shopper to walk by. The increases seemed to be working. The decreased number of people allowed me to read the notice boards plastered sporadically around the shopping mall which ran the day’s news headlines. “State to ban new gas connections” read today’s headline.
In the following months, we continued the increases. I continued to visit the shopping mall. My walks became more and more enjoyable. Lin and Shi Noodles seemed to have closed down; no lines, no gas flames, no woks. What were once fleeting moments of peace were now more sustained and on this most recent occasion uninterrupted.
I walked into the shopping mall yesterday, a week away from my birthday, and saw no one. It was not a public holiday. No major sporting event was being held. It was just another day after a series of interest rate rises. I walked through the shopping mall. Multiple stores had empty display windows. No longer did I need to either zig or zag. The tsunami was barely a gentle ripple. My peace and tranquility were now permanent.
I think I have done my part to solve the problem. Actions result in reactions.
I walked past where Lin and Shi Noodles used to be. It had been replaced. The new place, Double Helix Noodles, did not have a gas stove. I doubt it will ever have the authentic aroma and if it will ever deserve the lines of salivating customers Lin and Shi Noodles had. But it was something, a sign that commerce was not dead but just evolving, a bit like a shopping mall without people.
Increasing interest rates will help fight inflation. Banning gas stoves will assist in the battle against climate change, but at what cost, and who will notice? The correct actions with the undesirable unintended reactions, only noticed by the impacted or the especially curious, forming unlikely bonds, being the seed of inquisitive musings, warming ventricles, and unraveling deeper truths.
Themes - shopping malls, unintended consequences, musings
Your turn - Submit a 600 word piece of fiction based on one of these three themes and a selection will be placed on the blog. Happy writing.