If not now, when?

The list of banks in the US, eurozone and UK on life support is lengthening, money markets are frozen and growth is faltering. Is it time for a synchronised reduction in the overnight interest rate? Investors think so. The markets are pricing in about a 50% chance that the big three western central banks may move together as soon as this week. The case for cutting begins with the half-alive banks. The Federal Reserve, Bank of England and the European Central Banks are offering hundreds of bil...