EU leaders turn to Anger

Human beings go through a number of stages when confronted by a major change such as today’s Crisis. As first described by Elisabeth Kübler Ross, the process starts with:

• Denial that any change is taking place
• Then Anger at the implications o…

Policymakers remain in the Denial phase

A year ago, the blog feared we were “still towards the beginning of the crisis”, not at its end. Sadly, its judgement seems to have been correct.

2 weeks after that post, the US Federal Reserve launched its now infamous $600bn QE2 programme. The aim…