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The federal reserve has lowered the fed funds rate to 0-0.25% on Sunday and announced the creation of another round of quantitative easing for $700B this time. I’ve been saying that negative rates are coming, but I didn’t expect it to get to zero this fast. In a central-bank managed monetary system, low rates from the fed essentially means more money being created through debt. Member banks can expand on this money by pyramiding on top of it to lend even more money. The idea is to provide more liquidity as the businesses suffering through the current crisis can battle through until consumer sentiment gets better instead of dying off.

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