More data, not theory

Kevin Gardiner

The sovereign debt crisis that is enveloping the peripheral euro area countries and threatening the assessed creditworthiness – if not yet the market value – of US Treasury securities, is the latest manifestation of a rolling financial crisis that seems to have gripped capital markets these last four years. There are, perhaps, two underlying and competing diagnoses of this crisis.

Diagnosis one: a golden cure? The first offers a coherent and seductively simple analysis that traces the origins bac

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