OVER RECENT years we have seen the credit crunch morph into the sovereign debt crisis in Europe, which may re-cross the Atlantic to hit the US Treasury market. During that time, we have watched a series of patch-up jobs on the crisis that have only succeeded in prolonging it without any real structural remedies, writes Julian Phillips at GoldForecaster.
We've also watched how central bankers have seen the 'buck' passed to them, when their role is strictly in support of government action that should have led the way. Central bankers are running out of tools to tackle the task they should never have been asked to tackle alone.
Political leaders (who usually act only in concern of the consequences to their political careers) have only been willing to provide hormone-free measures that have yet to see any convincing success. Much as people look for someone to blame or an interest to protect, the fault lies with the underlying structure of national affairs. Not only do we find banks bound by the interests of their shareholders to achieve profits, but politicians working in a democratic set of national systems guarding their voting base with future elections in mind.
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