Excellent article -- worth a full read (it's not that long, even!)
last paragraph: In 2008 governments were credible backstops for their banks and the Fed, the central bank at the heart of the crisis, was willing to do everything it could to create confidence. Now the sovereigns are the problem and the ECB’s help is limited and conditional. That is the real horror film.
http://www.economist.com/node/21531467?fsrc=nlw|edh|09-29-11|editors_highlights
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