In a recent tv interview (click here) Jamie Galbraith was asked to list the questions that he would have put to Ben Bernanke (were he able to monopolise the Fed Chairman’s press conference). Galbraith made a large number of interesting points (frased in the form of questions), including (a) a brilliant criticism of S&R’s recent ‘negative outlook’ on US Treasury bills (US bonds, that is) and (b) a non-monetarist (i.e. non-loony) critique of Quantitative Easing. But what struck me as of huge significance was the short but crucial reference to the globa; importance of the banking crisis in Europe (see here and here for my preoccupation with this silent crisis).
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