We are still living in the wake of the great 21st century bubble. That is the dominant economic and financial fact of 2011, which applies both to the American housing and mortgage debt, and to the European sovereign debt, crises. As the massive losses keep coming, there is a lot of negotiating, suing, whining and politicking among contentious parties over who will take which losses.Among the many losses imposed by the bubble is a well-deserved loss of credibility on the part of central bankers and economists. "Policy makers around the world didn't see the global financial crisis...
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