Worthy of Col. Kilgore

 | Nov 30, 2011 | 9:31 AM EST
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Now that's how it's done.

For the sovereign debt crisis nerds, Wednesday morning's coordinated central bank action is pretty exciting. It should come with theme music. Something operatic.

If EU players were serious that the euro countdown was being measured in days now, then something big was needed. And after seriously disappointing the markets with an agreement to enlarge the EFSF that was wafer thin, European leaders suddenly got something globally big.

I picture someone in Brussels explaining in monotone about the decision on sovereign bond partial risk participation and noticing a rumble that keeps building and getting louder until suddenly there's the deafening roar of Helicopter Ben's Global Air Cav unit blasting "Flight of the Valkyries" from their choppers.

And while their eyes were on the helicopters, China's troops hit the beach.

Lowering the dollar-swap rate is a bold attempt to save Europe's banks, and avoid the contagion effects of a Europe bank collapse, before there was a Lehman weekend. EU Monetary Affairs Commissioner Ollie Rehn became the first official to use the 10-day deadline scenario today and they don't want it to be 10 hours tomorrow.

Politicians in Europe had made almost no progress in even getting banks to come clean about how much sovereign debt exposure they had. So, the central bankers invaded.

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