- Future entrepreneurs are enriched because they can get their capital at low interest rates, and future coupon clippers and savers are impoverished because they get only a low rate of return on their savings.
- Current bondholders are enriched because the bonds they hold appreciate. Current bond buyers are in the same position as future savers--they get only a low rate of return on their savings.
The real argument against low interest rates is, as I said, that it encourages Ponzi finance. That's what people should be worrying about, not that bond buyers, coupon clippers, and savers get a bad deal.