The Fed does not lower rates

"Lower For Ever": One Bank Makes A Stunning Discovery - The Fed's Rate Cuts Are Now Deflationary

The Fed has one borrower and 30 depositors. They do not have free entry and exit.  It is an unstable system.

The Swamp lowers rates, the Fed follows suit.  The Swamp lowers rates because they participate in recessions. Multipliers are not greater than one, that is a fraud. Multipliers are not greater than one for the simple reason that we are not a proportional democracy, but economists claim otherwise and we get bad policy.

There is no further proof than California's long drawn out recessions and recoveries. And I could show the chart on that, but the economists in question will simply rely on fraud. The effect is seen in the spiral of our election system, the way we rotate the presidency from region to region.  This is a provable outcome of treating government like an unbalanced value added net, but economists do not have that skill.

Hence, the usual procedure is generational default, which we do every generation. Defaults need to happen more frequently in smaller amounts, and this is the result of value added net analysis, a skill the economists do not have. When defaults happen more frequently then the fraudulent economists do not have the time to do the 'This time is different' fraud.

We suffer Overton window on the subject.  Wealth relies on the fraudulent banking system, like socialism for the wealthy.  But it does not work and the defaults happen anyway. The solution is value added net analysis which tells wealth to bet the defaults.