Yves Smith, Naked Capitalism: Will Europe Go Down to Defeat Before Ukraine?
During the runup to the financial crisis, your humble blogger pointed out that financial time moved faster than political time. Market players often had better and more comprehensive access to important information than officials did and had strong incentives to act on it.
By contrast, regulated entities were motivated to shuffle their feet and mumble until problems became undeniable…and then the regulators themselves would too often hope gunshot wounds would magically heal themselves, rather than risk having to answer embarrassing questions by going into emergency response mode.
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WNU Editor: She is spot on with this observation ....
.... Now that European leaders are returning from summer holidays, it appears only now to be dawning on them that Europe is entering a severe and almost certainly protracted economic crisis.
It is a long post, but provides an excellent analysis on the growing economic crisis in Europe.
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