Blame game

The global economic blame game is reaching a crescendo as Americans go to the polls and Europeans approach critical decision points. And everyone -- from economists to central bankers, from television analysts to the person on the street -- seems to have a favorite scapegoat for Europe's recess...

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Bibliographic Details
Published in:Foreign policy 2012-11, Vol.196 (196), p.27-28
Main Author: Erian, Mohamed A. El
Format: Magazinearticle
Language:English
Subjects:
Banking
Banks
Banks (Finance)
Banks and banking
Banks and banking, Europe
Capitalism
Central Banks
China
China (People's Republic)
Competitive advantage
Cooperation
Currency
Debt
Economic aspects
Economic conditions
Economic crisis
Economic Recession
Economic recovery
Emerging markets
Europe
Europe, Economic relations
Europe, Foreign relations
Forecasts and trends
Foreign policy
Global economy
International aspects
Market trend/market analysis
Markets
Peoples Republic of China
Protectionism
Recession
Recessions
Regulation of financial institutions
Television
Textbooks
U.S., Economic policy
U.S.A
Unemployment
United States
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Summary:The global economic blame game is reaching a crescendo as Americans go to the polls and Europeans approach critical decision points. And everyone -- from economists to central bankers, from television analysts to the person on the street -- seems to have a favorite scapegoat for Europe's recession and debt crisis, for America's feeble recovery and its recurrent political fiscal dramas, for dangerously high youth unemployment in a surprising member of countries, and for China's sudden economic slowdown. But four years into the global economic malaise that has followed the 2008 crash, the endless recriminations are more than just academic. Banks are at the top of most lists of bad guys. Enamored with the textbook characterization of efficient, unfettered capitalism and well-functioning markets, regulators gave the banks an enormous amount of rope with which to hang themselves. Instead of a blame game, people need a cooperative game. Adapted from the source document.
ISSN:0015-7228
1945-2276