– The German government is gearing up today to pump cash in the the bank and insurance sector. Talk is that Germans will stump up €470bn as part of the much-hyped ‘coordinated bailout’ campaign by European governments.

– The move has set off a rally in European banking stocks.

– Asian markets were also up this morning. Hong Kong shares shot up over 10%. It was the biggest one-day rise in more than 33 years.

– Meanwhile, European central banks have promised unlimited dollar funding. This means, according to a statement by the central banks, that banks would “be able to borrow any amount they wish against the appropriate collateral in each jurisdiction.”

– Of course, amid all the blather about “unity” an “coordination” among diplomats and world leaders there still lies a big fat lack of specifics. According to The Washington Post, “Officials from 20 major countries yesterday endorsed a coordinated approach to the financial crisis, but they failed to announce any concrete steps, underscoring the difficulty of crafting a global plan to halt the contagion as it spread to the broader economy.”

– It will be interesting to see if US investors buy into the coordinated effort propaganda. US stock futures rallied on the good news in Europe and Asia. MarketWatch reprots that “S&P 500 futures rose 40.3 points to 931.30 and Nasdaq 100 futures climbed 47.75 poitns to 1,330.20.”

– Oil also jumped today $4.29 to $81.99 a barrel.

– And the euro rallied against the dollar, climbing 1.7% to $1.3622.