Sunday, May 09, 2010

Shock and Awe Part II; Show of Force Rises to $962 billion; Fed Joins the Battle; Short Squeeze Coming, Then What?

The ECB, IMF, and now the Fed have come out with bazookas blazing in all hands. The amount of ammunition the fools are willing to throw at "Defending the Euro" is now up to $962 billion.

Please consider EU Crafts $962 Billion Show of Force to Halt Euro Crisis. http://www.bloomberg.com/apps/news?pid= ... DIWA06ybu8

European policy makers unveiled an unprecedented loan package worth almost $1 trillion and a program of bond purchases as they spearheaded a global drive to stop a sovereign-debt crisis that threatened to shatter confidence in the euro.

Jolted into action by last week’s slide in the currency and soaring bond yields in Portugal and Spain, the 16 euro nations agreed to offer financial assistance worth as much as 750 billion euros ($962 billion) to countries under attack from speculators. The European Central Bank will counter “severe tensionsâ€