Interest rates encourage savings, which eventually lead to capital formation for investment and new businesses.
Without it there is no additional capital for the economy and that includes capital for labor.
“Experience should teach us to be most on our guard to protect liberty when the Government’s purposes are beneficent. Men born to freedom are naturally alert to repel invasion of their liberty by evil-minded rulers. The greatest dangers to liberty lurk in insidious encroachment by men of zeal, well-meaning but without understanding.” — James Madison