Wall Street flies on central banks' help for Europe (+4%)

[onehandle]

Source: Reuters

NEW YORK (Reuters) - Stocks surged on Wednesday after major central banks agreed to make cheaper dollar loans for struggling European banks to prevent the euro-zone debt woes from turning into a full-blown credit crisis.

The S&P 500 posted its best daily percentage gain since August after the Federal Reserve, the European Central Bank and other major central banks stepped in to head off escalating funding pressures that threaten the key arteries of the world's financial system.

The central banks' liquidity move touched off a buying frenzy in financial shares. The S&P financial sector index gained 6.6 percent, with Bank of America the most actively traded stock. The stock jumped 7.3 percent to $5.44 on more than 420 million shares traded.

The drama in Europe kept the U.S. stock market on a roller-coaster ride throughout the month. For November, the S&P ended down just 0.5 percent, but the month was marked by sharp daily swings.

Read more: http://news.yahoo.com/stock-futures-signal-losses-focus-banks-094410845.html

[DJ13]

1. "It works every time!"

[Bosonic]

2. Roll up

[PSPS]

3. Translation: Private banks now 'officially' run the world.

"Major central banks" = government and quasi-government banks (like the Fed.)

"Private banks" = Goldman Sachs, BofA, etc.

What just happened is that "Major central banks" guaranteed to bail out any problems (gambling losses) that might befall "private banks" worldwide forever in the future. All they have to do is ask for anything and they will get it, no matter what.

Isn't that delightful?

[woo me with science]

4. One world corporate government.

The stuff of dystopian science fiction novels, coming to us now...

[grasswire]

5. with U.S. dollars the currency that will be used, right?

What does that mean for the dollar? What does it mean for us? It seems that more is happening than meets the eye.