The Atlantic’s Megan Mcardle deconstructs the flood of cheap cash coming out the world’s central banks today.

While this is billed as a coordinated global action, this is really about dollars, and the Fed.  No other currency is seeing that much excess demand.

This is a band-aid.  It’s a good band-aid.  But making it easier for local banks to borrow in dollars does not, in the end, fix any of the problems with the euro-zone.  It just delays the rate at which the current sovereign crisis turns into a banking crisis