In an effort to help alleviate the symptoms of Europe's debt crisis, the Federal Reserve, the European Central Bank, and other international banks funneled U.S. dollars into European financial systems on Wednesday. The move helped markets by making American dollars more easily available outside the U.S. Stocks shot up in reaction to the news. The increased liquidity had the immediate effect of boosting the Dow Jones industrial average by 484 points. It was the biggest single day gain since March 2009. Some wondered, however, whether the move was a smart long-term investment, or just a temporary fix.
Simon Johnson, former chief economist for the International Monetary Fund, talks about the underlying problems of overburdened European governments.
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The show is a co-production of WNYC Radio and Public Radio International, in collaboration with New York Times Radio and WGBH Boston.
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Comments [1]
At the writing of the constitution for the European Union in 2002 or so the Vatican complained because they had removed any reference to Christianity in their description of the sources of Europe. This was hard to do since the Catholic Church held Europe together after the fall of Rome and Europe was Catholic after that. But they did. And now ten years later it's falling apart. I wonder if there is a connection?
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