A via Espartana (parte II)

Continuado daqui.
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"“This was not a crisis of panic. It is crisis of massive deleveraging. The shadow banking system has disappeared.”
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The root problem is that the deficit spenders of the Anglosphere, Club Med, and Eastern Europe are being forced to retrench: yet the surplus exporters of Germany and Asia cannot — or will not — create enough demand to compensate. China is growing fast but it has a GDP of $3 trillion, far too small to lift the $40 trillion bloc of OECD economies (North America, Europe, Japan) out of the quagmire."
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"The great error is to think of this as a financial crisis. Bank failures are a symptom, not the cause. He said there was “a structural weakness in global demand” that has been building for a quarter century."
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E o grand finale:
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"Any attempt by the US to inflate its way out of this debt trap risks setting off a “disorderly collapse of the dollar”.
Washington will not opt for this deliberately. Unfortunately, it may drift into such an outcome as the path of least political resistance.
Yes, but I can see plenty of other candidates for this sort of beggar-thy-neighbour somnambulism.
Others may yet beat the US to currency debauchery"
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Trechos de Evans-Pritchard recortados de "Bears still growl at the Sanctum Sanctorum of the policy elites"