Global Hyper-Inflation Ahead: We Are All Zimbabweans Now

From Paris:

European financial and political leaders agreed late Sunday to a plan that would inject billions of euros into their banks in a bid to restore confidence to the teetering financial system.

Taking their cue from a rescue plan announced last week by Britain, the European countries led by Germany and France pledged to take equity stakes in distressed banks and vowed to guarantee bank lending for periods up to five years.

From Washington:

The world's leading industrialised nations have pledged to do everything in their power to prevent any more Lehman Brothers-style failures of systemically important financial institutions...

There is unanimous agreement that the global system in its current extremely stressed state could not take the collapse of another systemically important firm such as Morgan Stanley, which came under attack last week in the markets.

Felix Salmon explains how this is protection for Wall Street's chosen ones:

This is much more important, for Morgan Stanley, than any cash injection from MUFG, no matter how it's structured. The G7 is essentially telling market-makers that they can write credit protection on Morgan Stanley with impunity: they're not going to let it go the way of Lehman Brothers, with all the systemically-disastrous messiness that would entail.

All these billions being pumped into the system make one thing clear, Henry Paulson, Nicholas Sarkozy, Gordon Brown, Angela Merkel, and the like, haven't come up with anythng Zimbabwe's Robert Mugabe hasn't already thought of: PUMP MORE MONEY.

Above: A Robert Mugabe study group.