It's Not A Shot In The Arm. It's A Shot In The Ass.
You know, one of those really thick, syrupy, brownish antibiotic infusions that takes 25 seconds to pull into the syringe.
The Fed and the European Central Bank doubled to $240 billion the amount of dollars being made available to banks hungry for cash. In an announcement Monday by the ECB -- the central bank to the 15-nation euro zone -- said it and the Fed decided to double their temporary reciprocal currency arrangements, or swap lines, from $120 billion to $240 billion.
Europe has managed to fail to avoid the financial failure of the United States. All those smug, French-accented cat calls from last month are sounding a bit premature now. So is the premature Chinese investment in Fortis. Don't fret, China. We screwed Japan but good back in the '80s with real-estate.
Central Banks Inject More Cash As Money Markets Remain Frozen [Wall Street Journal]
