As Americans went about their lives this past week recovering from turkey, bemused by the latest Herman Cain dramas, the world almost changed dramatically. Fortunately, the largest central banks joined forces to stem the mounting financial crisis"”for now.
World equity markets rallied powerfully yesterday after the move, to the tune of more than 4 percent. Yet stock markets were not the real story. What happened was nothing less than a Rubicon moment in what was shaping up to be a financial meltdown of global proportions that would have made what happened in the fall of 2008 look tepid.
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