John Muellbauer, Financial Times | November 25, 2008
Central banks should go on an internationally coordinated shopping spree. ++ They should target not only municipal bonds, but buy up bank shares on the open market, the price of which are down to as low as a tenth of what they were two years ago. ++ This would reduce the risk of private investment in the sector and open up a road for recovery. ++ In order to be fair, the central banks' shopping should be index-based and take place through transparent and organized security exchanges. ++ In a few years this could give a nice profit.