POLITICS - The United States Federal Reserve, buckling under a recession and economists even whispering depression, has cut its interest rates to 0% to 0.25%, the lowest rate ever recorded in North America.
The move is not only controversial and considered an act of desperation but signals that the Federal Reserve has run out of ideas to stimulate the economy.
The Fed's move sent the US dollar tumbling to a 10-week low against the Euro, and the US dollar is expected to weaken further.
Politicians continue to scramble, hoping for better times in 2009 after George W. Bush leaves office. The Bush Administration has largely been blamed for being asleep at the economic wheel and failing to halt the economic decline the USA is currently going through.
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