News. Governments of the 16 euro nations agreed today to lend as much as 750 billion euros ($959.4 billion) to the most-indebted countries. The European Central Bank said it will counter “severe tensions” in “certain” markets by purchasing government and private debt. Concerns that the Greek financial crisis will spread wiped $3.7 trillion from the value of global stock markets last week.
My point. The markets are driving monetary policy. The European "leaders" were talking and talking and talking until the markets tanked.
Finally they decided to come up with a "bold" plan. We bailed out banks. They are bailing out countries. The main common theme is to print money until the problem goes away.
Is this leadership?
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest
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