The other side of the coin is zero interest (nearly so) is supressing spending by those most capable of spending - savers. If you have $100,000 in savings and it returns $1,000 in interest instead of a reasonable 5% then you lose a potential $4,000 in spending by those in the best position to spend.
The ECRI disagrees with you about the probable outcome of the economy and a potential of a recession in the near future. Let's see - do I listen to Norm or the ECRI which has a proven track record? Guess I would have to see Norm's track record over the past 20-30 years - for now I will go with the ECRI (I have seen their track record).