As we all know, governments throughout the world are wrestling with how to cope from the collapse of the financial system. The U.K. initially received plaudits for its “bold” approach, lately that has come into question as their steps have proven no more effective at stanching the panic that anyone else’s.
To say that there are no easy answers to the catastrophic avalanche of bank insolvencies is trite. At this point, the world would happily settle for a devilishly difficult answer. That answer, when it finally comes, will define the outlook for global finance and economic prospects for a generation.
Big risks for the insurer of last resort By Martin WolfPosted March 9, 2009 by Nathan Gendelman
