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In a drastic new effort to stimulate its failing economy the Federal Reserve has followed the Bank of England’s lead and announced it will print new money.
Under the plan the Federal Reserve will buy US$300 billion of Treasury bonds over the next six months with money it will print off specifically for the purchases.
With interest rates now as low as they can go “quantitative easing” is now the Fed’s last option to shore up the economy.
The Bank of England announced its plans to do the same in February this year.
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