The Federal Reserve has officially begun its long awaited monetary stimulus, and the world has breathed a sigh of relief – for a week or two at least.

The stock market staged a huge rally Thursday after investors got the aggressive economic help they wanted from the Federal Reserve.

The Dow Jones industrial average spiked more than 200 points and cleared 13,500 for the first time since the beginning of the Great Recession. The average is within 625 points of its all-time high.

The Fed said it would buy $40 billion of mortgage securities a month until the economy improves.

It’s reminiscent of 1930, when the effects of what the stock market crash of 1929 actually meant for the global economy and geo-political climate were yet to be realized by an unsuspecting public.

Happy days are here again
The skies above are clear again
Let us sing a song of cheer again
Happy days are here again
All together shout it now
There’s no one who can doubt it now
So let’s tell the world about it now
Happy days are here again
Your cares and troubles are gone
There’ll be no more from now on
Happy days are here again

Happy Days Are Here Again (Charles King, 1930)