The debate on the BBC news right now is who is cooler, America or Europe. Europe is getting props for acting speedily and decisively in contrast to Paulson’s pace, which is getting characterized as dawdling and indecisive. Some of the very policies Treasury derided, they’re now considering since Europe enacted them. The ex-Reagan economic adviser talking head says it’s nationalizing risk, a backdoor way of calling them socialists. However, it wasn’t until Europe’s “socialistic” actions did the markets rebound. Who is right? Only time will tell; we’ll see if the rally sustains or is just another fitful shiver in this economic fever dream. The key here is confidence, and it seems to be the most precious and rare commodity on the face of the earth right now.

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