Share
"wasn't it the the central bankers who have got us all in this mess? So what if they don't like it...the Govts of the day will be telling them what to do..as is what is happening now...am I right or wrong???"
I don't think anyone outside the circle of government really knows for sure who is telling whom what to do right now.
The concensus currently seems to be that it was regulatory oversight that got us into this mess. I take your implied point that Greenspan was the main cause of monetary excess, though I find it hard to believe the US administration didn't have knowledge of what was going on. Perhaps they weren't that interested, which I could well believe.
It's possible to speculate that China is calling the shots now. They might be bargaining on a new standard in return for continued purchase of government bonds.
