India, Sept. 19 -- While the world, and stock markets, went crazy on the modest interest rate cut by the US Federal Reserve Board, most people, including the experts, missed the significance of the decision. It showed why America is great. This is because, like this time, time and again, traditions, legacies and institutions survive the onslaught of powerful personalities, who wish to twist them for their goals and pleasure. This time, despite Trump's public anger the Board's chief, Jerome Powell, unsuccessful sacking of a Fed governor, and successful appointment of a new loyal governor, the central bank did not buckle under, or budge from its stance. It reduced the interest rate by 25 basis points, and not 50, as Trump wanted.

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