Originally posted by Churchill
The same greed that sent the market up is now bringing it down.
Some choice quotes:
"The Bank of Japan injected one trillion yen ($8.5bn; £4.2bn) into the financial system on Friday".
"The Reserve Bank of Australia on Friday added more than twice the usual amount of money into the banking system, injecting A$4.95bn ($4.19bn; £2.08bn) in its regular morning money market operation".
"Central banks in Malaysia, Indonesia and the Philippines intervened to sell dollars to support their currencies".
"European indexes had slumped earlier after BNP Paribas froze three funds, saying the market for some of the assets they contained had disappeared".
"The European Central Bank injected a record $130.6bn (£64.6bn) into Europe's money markets to prevent a financial system seizure. And on Friday it made a further contribution to the eurozone banking market but gave no indication of how much it was injecting".
"In the US, the Federal Reserve was reported to have taken similar action, pumping about $24bn into the US banking system".
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