by Martin Armstrong at Armstrongeconomics.com
The Federal Reserve yielded to international pressure, making the very same mistake that it made during 1927. Back then, there was a secret meeting and the Fed agreed to lower U.S. rates to try to help Europe to deflect capital inflows back to Europe. The exact opposite unfolded in the aftermath when even more money abandoned Europe and flowed directly into the U.S. share market.
In 1927, the Fed lowered U.S. rates in the middle of an economic debt crisis, which is the same path taken today. It is very curious how history repeats. We have just witnessed the Fed yield to international pressure once again. In doing so, they are condemning the elderly and U.S. pension funds to financial doom by setting in motion the next financial crisis.