Propping up the euro and the EU
The EU/eurozone, an organisation which should fail due to its built-in structural weakness, is receiving life support -
The European Central Bank said it would coordinate with the U.S. Federal Reserve, Bank of England, Bank of Japan and Swiss National Bank to ensure banks unlimited dollar funding through the end of the year.
The rare coordinated move buoyed markets. European financial stocks, which have been battered in recent weeks, surged as concerns eased over some banks ability to raise enough dollars to meet their obligations.
But the action also demonstrates that stresses on European banks have intensified to the point that central bankers are reactivating programs used in 2008 and 2009, the depths of the biggest financial crisis since the Great Depression. . .
China - a country which uses forced labour - has also indicated its readiness to help.