The FED Just Bailed Out European and Other Banks to the Tune of Billions if not Trillions

[JCMach1]

Central banks from developed nations Wednesday took coordinated action to shore up the global financial system as Europe's rolling debt crisis continues to trouble markets.


The action by the U.S. Federal Reserve, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank makes dollar funding cheaper for European banks that hold dollar-denominated securities or make U.S. dollar loans, but doesn't address the fundamental problems related to European government debt that now plague the financial system.

"The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity," the Fed said Wednesday in a statement... http://online.wsj.com/article/SB10001424052970204012004577069960192509068.html

What is this AUSTERITY you speak of????? Oh wait, for everyone except banks and bankers! :grr: :grr: :grr: :grr: :grr:
I got your liquidity right here!!!

On a serious note, this really has a feeling of a turning point. Either this last ditch effort will work, or the Euro collapses and world sinks into a Depression. Honestly, I think it may be too late.

[newfie11]

1. yep n/t

[dkf]

2. No this isn't a last ditch effort. It doesn't even address Europe's issues.

It's a stop gap measure to keep us out of a free fall. Pretty predictable really.

[MoonRiver]

3. But, the DOW is surging, today!

And the PTB can only see in front of their noses. x(

[rfranklin]

4. No worry, that money doesn't really exist...

They just made it up like fairy dust.

[xchrom]

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