Wouldn’t it be nice to wake up to a headline like that? The floodgates are open! Free Money for Everyone! But of course, that’s not exactly the headline..the real headline is…
WORLD BANKS UNITE TO GIVE MONEY TO EACH OTHER.
Now what this is really about is throwing cash at Greece and hoping they don’t slide further into default…(they’re already bankrupt). Greece is like Europe’s very, very problem child. But rather than send that child away to military school to learn discipline, the parents keep throwing money at it. And worse now, Greece is like America’s problem…um cousin, twice removed….and now Timothy Geitner is throwing my money at them as well. From New York Times:
5 Banks Unite To Shore Up Eurpoe
FRANKFURT “” Worried that Europe’s debt impasse posed a growing threat to the global financial system, the world’s major central banks moved Thursday to assure that European banks would not run short of cash as troubled nations like Greece and Italy sought to stabilize their economies. The central banks, in a coordinated action intended to restore market confidence, agreed to pump United States dollars into the European banking system in the first such show of force in more than a year. Some banks have found it hard to borrow dollars as American lenders grew nervous about their financial condition.