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Wednesday's announcement was a collaboration between the Federal Reserve, the European Central banks and central banks in Canada, Britain, Switzerland and Japan. The plan will allow the Federal Reserve to loan U.S. dollars out to other central banks at dramatically lower interest rates. Those central banks can then makes loans to local banks. While the method is different, the purpose of the Fed's move is the same as China's: to inject more money into the economy now at a higher cost down the road.
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Kyle A. Richardson
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Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.
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