Sunday 21 June 2009

It's time to end the grotesque fiscal bail-outs and grapple with reality

Telegraph
"QE was always a ruse to recapitalise insolvent banks by the back door, so their powerful executives could avoid admitting previous mistakes. Yet it has shattered the world's faith in the West's policy-making competence. It has destroyed any authority we had to tell economies elsewhere what to do."

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