The title to an AP article on yahoo.com’s finance page tells it all: World’s central banks act to ease market strains, Central banks take action to provide cheaper dollar liquidity to financial system. Read the article if you want, but title really does tell it all.
This is not a novel “solution” to the world’s financial ills. When push comes to shove, politicians typically take the easy way out. Here is a gold-eagle.com article on this issue, which I wrote in June 2003: Fears of Deflation Guarantee Inflation.