ECB Finally Lowers Interest Rates Slightly

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Today’s economic news from Europe:

As was widely expected, the ECB’s governing council voted to cut the main refinancing rate by a quarter of a percentage point to 0.50%. The rate, which determines the cost of more than €850 billion in ECB loans outstanding, had stood at 0.75% since last July.

Unemployment in the euro area is 12.1 percent, and the ECB has finally seen fit to reduce policy rates to 0.5 percent. What’s it going to take for them to go lower? 13 percent unemployment? 14 percent? 20 percent?

It is all just mind boggling.

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Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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