Truthdig - Ear to the Ground - Markets Warm to Euro Bailout Plan

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Markets Warm to Euro Bailout Plan

Wikimedia Commons / Hk1992

Stock traders in Asia and Europe seemed to like the news that European governments will coordinate with one another as they throw cash at troubled banks. The euro zone plan was announced on the heels of similar British and American schemes.

EU leaders wanted to hatch their framework before Asian and European markets opened on Monday, and so far they have been rewarded for their promptness.

BBC:

European and Asian markets have rallied in response to efforts by world leaders to stem the recent financial turmoil.

London’s FTSE 100 index and France’s Cac 40 index both jumped more than 5%—tracking earlier gains on Asian markets. Bank shares led the advance.

Major central banks also made extra funds available and said they would take “whatever measures necessary” to end the crisis.

EU leaders said on Sunday no big bank would be be allowed to fail.

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TAGS: asia bank banks crisis economy eu euro europe money plan

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By wish i knew, October 13, 2008 at 4:31 pm #

while we have the biggest stock market rally in history, and more downturns likely ahead as the market fights to find some sort of realistic equilibrium, i found this interesting article about real tried and true alternatives to our current economic system…

http://www.progressivehistorians.com/2008/10/progre ssive-alternatives-to-current.html

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By GW=MCHammered, October 13, 2008 at 10:35 am #
(Unregistered commenter)

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.”
~Thomas Jefferson 1802

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By GW=MCHammered, October 13, 2008 at 10:32 am #
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Let’s see, government courts can order striking workers back to work but they can’t order banks to lend government-issued dollars according to lending laws. Bullshit! Tidal wave inflation, here we come.

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