“U.S. stocks opened higher Thursday as the Federal Reserve and four of the world’s other major central banks agreed to make U.S. dollars more readily available in Europe’s struggling financial system.”
“… Early Thursday, investors welcomed the news that the Fed — along with the central banks of England, Switzerland, Japan and the euro zone — is coordinating a program to boost dollar liquidity in the region.”
CNNMONEY, September 15, 2011, 9:47 A.M.
The markets are climbing in celebration that the central banks of the world are combining and coordinating their immense financial power to bolster Europe’s struggling banks. The message the ECB is trying to telegraph to investors is that Europe is not going to allow a Lehman Brothers-type disaster occur within their community. Why then am I so worried?
Keep your eyes on Europe