Greece and China expose limits of 'whatever it takes' model


For a world so confident that central banks can solve almost all economic ills, the dramas unfolding in Greece and China are sobering.

"Whatever it takes," Mario Draghi's 2012 assertion about what the ECB would do to save the euro, best captures the all-powerful, self-aware central bank activism that's cosseted world markets since the banking and credit collapse hit eight years ago. From the United States to Europe and Asia, financial markets have been cowed, then calmed and are now coddled by the limitless power.....

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