by John Galt
May 12, 2012 08:00 ET
Much to the chagrin of the PPP (Perpetual Polly Pumpers) of CNBC, China has all but verified that the entire world economy has hit just a wee bit more than a speed bump as it made the following announcement this morning (via Bloomberg):
The People’s Bank of China said it is cutting the reserve ratio requirement for banks by 50 basis points starting from May 18, according to a statement on its website today.
Anything to pump the markets up and keep convincing people that the new iEconomy is the iSolution to the iFuture. Too bad many people will be on street corners soon selling iApples as in the kind you eat and iPencils, just like the 1930′s as all of the economic theories and policies of the Keynesian and Obamamites are flaming out with Hoover administration type overtones.