I cant help but think that it's a bad thing that the world markets continue to slide even after having both the European Central Bank and the Federal Reserve pump billions into the world banking system.
http://www.huffingtonpost.com/huff-wires/20070810/europe-market-jitters/
"FRANKFURT, Germany — The European Central Bank injected another $83.8 billion into the banking system Friday amid signs that bad U.S. mortgages were digging deeper into the world economy.
But investors did not seem appeased, with major indexes plunging in London, Frankfurt, Paris and Tokyo.
The 61 billion-euro move by the ECB, which had provided 95 billion euros ($130.7 billion) in funds to banks on Thursday, came after Japan's central bank injected 1 trillion yen ($8.4 billion) into money markets. Early Friday, the U.S. Federal Reserve announced a three-day addition of liquidity. The Fed had already intervened Thursday, injecting a larger-than-normal $24 billion in temporary reserves to the U.S. banking system.
It was the first time the U.S., European and Japanese central banks had taken such action together since the aftermath of the Sept. 11 terrorist attacks. The Australian, Hong Kong and Canadian central banks also joined in."
http://www.federalreserve.gov/boarddocs/press/monetary/2007/20070810/default.htm
"The Federal Reserve is providing liquidity to facilitate the orderly functioning of financial markets.
The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's target rate of 5-1/4 percent. In current circumstances, depository institutions may experience unusual funding needs because of dislocations in money and credit markets."
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I like to consider myself to be a "big picture" kinda guy, but why the reference to this being the first time since 9/11 that the world banks worked together to increase the 'fluidity' of money inside the system. Between that scary little tidbit and the idea that the Democratic Congress gave the prez increased spying power before getting the heck out of Dodge for more than a month, makes me think that something is up. I belong to the growing school of thought that believe that this president will not give up all of his near-totalitarian power to the next (most likely Democratic) president. Let's also mention that Dick Cheney is pushing harder than ever for a military attack on Iran and that several 'president-friendly' newspapers are printing Iranian propaganda. Other people have gone so far as to say that we need 'another 9/11' in order to unify this country and the world behind Bush. Are they planning another false flag attack? Hilter only burned down the Reichstag once.
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