Hot: Major Central Banks to Jointly Offer US Dollar Liquidity

From Marketwatch.com,

Along with other central banks, the European Central Bank will undertake new operations to provide U.S. dollar liquidity. The operations will be conducted in coordination with the U.S. Federal Reserve, the Bank of England, Bank of Japan, and the Swiss National Bank. The operations will be conducted in addition to the ECB's ongoing weekly seven-day dollar operations announced in May 2010. The move comes amid worries about dollar-funding tensions in market amid the turmoil related to the euro zone's sovereign debt crisis

Here is what I wrote a few days back

And it wouldn’t signify a farfetched idea that a grand coordinated QE project or credit easing measures by major central banks something similar to the Plaza Accord as predicted by Morgan Stanley’s analysts could be in the works too. The Plaza Accord was a joint intervention in the currency markets by major economies to depreciate the US dollar in 1985. This time, perhaps, the biggest economies will all act in concert to devalue their currencies impliedly against commodities.

Global central banks and politicians have, in increasing signs of desperation, been intensifying the use of the nuclear option. Such concerted move is likely one of the many to come. Expect to see amplified market gyrations as consequence to the boom-bust policies of global central banks.

I told you so.