So that was it? You may not have noticed, but over the last couple of weeks we have witnessed a determined, globally co-ordinated effort to salvage the Western capitalist system.
Nearly all the world's major central banks have weighed in with big new measures. The only missing piece in this increasingly co-ordinated jigsaw is a major intervention in the FX markets as Strong Currency A (pick any or all of the following including Norway, Switzerland, Japan, US) starts ticking up aggressively while Weak Currency B (the euro) carries on bleeding to death, prompting a massive bout of currency intervention. Back in the real world, the markets do not seem to have reacted quite as planned. Equities actually fell in value and financial markets looked like they were moving...
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