Ever since 1927, when the Federal Reserve lowered interest rates in a failed attempt to help Europe, which still ended up defaulting in 1931, Keynesian economics succeeded in brainwashing the analysis of how people look at the central banks. Where the 1927 G4 attempt to lower rates in the US was intended to deflect capital back to Europe, smart capital began to smell a rat, and they were correct. The capital inflows to the United States intensified and aided in creating the 1929 bubble high just as the 1989 Japanese bubble aided by capital inflows.
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