Italy yesterday (Thursday) became the third European country in two days to offer funds to at-risk banks in a bid to restore investor confidence, promote market stability and save its economy from a prolonged recession.

In the currency market, the dollar was little changed against the euro. Late Wednesday, the euro was trading at $1.3672 vs. $1.3653 on Tuesday. The big event du jour was that, “For the first time since September 2001, central banks around the world have delivered a coordinated interest rate cut,” wrote Kathy Lien, director of currency research at GFT.

With Wall Street in the gutter, shadowy government market manipulators are very much “running the show” now, according to Taipan Daily editor Justice Litle. And they will do anything to protect Wall Street’s interests. Foreign powers are in cahoots with these US market manipulators. They have to be - without them the whole house of cards would come tumbling down.

The idea that the rest of the world has decoupled from the US economy has has taken it in the neck this year.

Major emerging markets -including China, South Korea, Russia and India - have seen stocks pummeled, as investors become more risk averse.

Eric Roseman says the fundamentals in these countries are far stronger than those in the US and Europe. Many emerging market nations have saved trillions in dollar reserves and have plenty precious resources to sell.

Eric says a strong rebound is on the cards, but only once US assets stabilize.

A Mid-Year Correction. Whatever Happened to Decoupling? The UK Starts to Slow. A Recession by Any Other Name. What’s a Central Banker to Do?