This evening at 6:15 the Federal Reserve will announce the extent of its second round of Quantitative Easing program after its postponed October meeting to coincide with the mid term elections. "Economists" expect an announcement of $500 Billion, but as was mentioned in a previous thread here, Goldman Sachs says it needs to be up to $4 Trillion. No doubt $500 Billion will just be the start to avoid a dollar collapse, but to what extent has the equity markets priced in the decision? BTW rate will be held at 0.25%
18 Hours later the Bank of England makes its decision on rates (will keep them at a record low of 0.5%) and also if and when its QE2 kicks off. The extent of the Federal Reserve decision will influence to a certain degree their levels of QE2, as a weak dollar would harm their exports.
Within an hour the ECB makes it decision, expected to keep rates at 1%. But Trichet's interview at 1:30pm our time, will be closely monitored for any hint of QE1 as a weak dollar would harm Eurozone exports.
Finally after midnight the Bank of Japan is expected to hold its rate at 0.1%, but again with the Yen now at near record heights against the weakening dollar, they may have to manipulate its currency and continue with its 10 year QE program.
Within 33 hours critical decisions from the Central Banks representing 50% of the world economy's GDP are being made that will determine how finite the existance of central banking, fractional reserve banking and fiat currency really is. Even Mervyn King, head of the Bank of England has called for the end of Fractional Reserve Banking.
These are momentous days that we live in, lets hope it is all part of the Second Renaissance.