Federal Reserve and ECB are in no mood to save us from the consequences of our debt

by Ambrose Evans-Pritchard from The Telegraph 10 June 2008 Fetch your tin helmets once again. The European Central Bank is opting for a monetary purge. So too is the US Federal Reserve, now ruled from Dallas.Über-hawks and Cromwellians have gained the upper hand at the great fortress banks. Whether or not they admit it, both are embarked on policies that must lead to retrenchment across the Atlantic world.

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