Fed's rate hike signals a déjà vu for 2017
by Nomi Prins from on (#269X6)
Major central banks react inversely to US and will persist with ultra-low or negative interest rates in the hope banks will lend to people - they won't
As Charles Dickens wrote of revolutionary France and Britain: "It was the best of times, it was the worst of times." Economic conditions for the masses far lagged those of the aristocracy. Today's elites include bankers and politicians. The masses are disillusioned citizens voting their frustration. That dichotomy is the difference between what central banks say and what people feel.
Last week, the US Federal Reserve raised interest rates by a quarter point. The financial press applauded the start of a tightening phase as reflecting economic stability.