The Fed has spoken. For months, the financial world has been agog with what it might do and when, but finally the much anticipated first interest rate cut in over four years has been delivered. Why the obsession? Unquestionably, the US Federal Reserve is the most powerful central bank in the world. The power to issue and to price the global reserve currency is unique. Whatever the others decide, the decisions of the Fed dominate. Remarkably, the break with gold in August 1971 served to strengthen rather than weaken the power of the Fed. In effect, since the end of…

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