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International financial and commercial center

前面半句到没错，后面就不一样了。:D In order to boost the sluggish U.S. economy, The U.S. Federal Reserve (FED) implemented the low interest rate policy after the 9/11 (nine-eleven) incident. It is in fact an extremely lenient monetary policy. Beginning September of 2001 (two thousand and one), FED dropped the interest rate several times, bringing the annual interest rate for federal funds from 3.5% (three point five percent) before the 9/11 incident down to 1% (one percent) on June of 2003 (two thousand and three), and kept that low rate for another year. This policy caused a high leverage ratio, the U.S. saw inflation, and under such a lenient monetary policy, the real estate bubble was inflated, and corresponding real estate related financial derivatives also inflated limitlessly. In the end, when the bubble burst, it caused the 2008 international financial crisis. Due to a U.S. dollar based international monetary system, FED is like an international central bank. Thus, its policies have significant global effects. The last time FED implemented a low interest policy it caused an international financial crisis. This time, FED once again maintains a super low interest rate policy. The huge bubble is already brooding. If the super low interest rate policity is maintained any longer, it could cause an even deeper financial crisis than that of 2008, and the results are unimaginable.