Free Republic

Financial markets were granted a respite today from the ongoing Euro crisis by concerted central bank activity that made dollars more cheaply and readily available to borrowers in return for foreign currencies, including Euros. The Federal Reserve's participation means that the US is assuming Euro risk in return for pushing the crisis out of the danger zone. With this move, central banks are kicking the can down the road in order to give Euro-spendthrifts another last chance to put their fiscal houses in order. Noman suggests that you don't hold your breath waiting for it. The Fed's international action is...