All of these short-term woes and worries are symptoms of a much deeper issue: namely, how to restore vigorous, sustainable economic growth. Since the onset of the "Great Recession" in late 2007, central banks have led the way in preventing a global depression. Not only the Fed but also its counterpart institutions in China, Japan and Europe have delivered emergency liquidity to prop up banks and rekindle at least a smidgen of job-creating economic activity.
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