The financial market volatility seen over the past three years is a signpost rather than the source of the predicament the global economy finds itself in, Kevin Warsh, a governor of the Federal Reserve, on Monday warned.
Warsh told an audience in Atlanta: "Subprime mortgages were not at the core of the global crisis; they were only indicative of the dramatic mispricing of virtually every asset everywhere in the world. The crisis was not made in the USA, but first manifested itself here."
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