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The world's largest central banks are taking co-ordinated action to calm spooked  credit markets.

The US Federal Reserve, the European Central Bank and central banks in the UK, Canada and Switzerland will pump $200bn  into money markets to ease the credit crisis and its impact on the wider economy. The news delighted  investors and US stocks rose 3% the biggest one day gain in 5 years but the crisis in the markets isnt caused by a lack of money , its caused by a lack of confidence and what this initiative amounts to is the central banks throwing good money after bad in a last ditch attempt to ward off global recession. 

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