Unfortunately, as helping to make monetary policy is part of my current job, I cannot avoid forming some opinions about the outlook for the U.S. and world economies.
1 These provide a picture of an intricate web of profligate risktaking, human greed, short-sightedness and policy errors. I will try to simplify this scenario by concentrating on four crisis elements. The first crisis element relates to the global macroeconomy and its imbalances.