Let’ count just a few!
First, artificially low interest rates encourage governments to borrow more since they gain from lower costs of debt servicing. (When do politicians ever need an excuse to spend more of other people’s money!)
Second, net-creditor governments with rising debts have an inducement to debase their currency since it reduces their debt burden.
Third, artificially-low interest rates undermine the notion of risks & encourages search for riskier but higher-yielding assets.
Fourth, the search for riskier but higher-yielding assets will tend to send funds offshore.
Fifth, sending domestic capital offshore either as “carry trade” to exploit interest arbitrage or to purchase financial assets will tend to pump air into “bubbles” in emerging markets.
Sixth, artificially-low interest rates allow weak business plans with low yields to be temporarily viable. When interest rates inevitably rise, these investments go kerplunk! This is an avoidable waste of capital.
Seventh, artificially-low interest rates tend to lead to rising consumer prices that harm the weak & poor the most. Commodity prices also tend to rise, curbing profitability & leading to less new job formation.
Eighth, these measures can only create temporary, artificial economic growth (IF at all!) that tends to lead to permanently-higher price levels that undermine the value of incomes & saving.
Enough said for now…send in your own objections…?