By Barry Grey
World Socialist Web Site
December 13, 2007
In a series of coordinated and parallel actions, the US Federal Reserve Board, the European Central Bank, the Bank of England, the Swiss National Bank and the Bank of Canada on Wednesday moved to inject tens of billions of dollars into near-frozen credit markets.
The Financial Times of London characterized the central banks’ announcements as “unprecedented and coordinated moves to prevent a meltdown in the world’s banking system.” No similar joint action has occurred since the September 11 terrorist attacks on New York and Washington shook global markets, and Wednesday’s measures go considerably beyond those taken six years ago. [Full Article...]
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