Orkiestra na Titanicu gra, bal trwa. A statek tonie...Nawet bank banków (Bank Rozrachunków Międzynarodowych w Bazylei) krytykuje działania banków centralnych, jako tylko nastawione na odsunięcie w czasie nieuchronnego...
the central bankers’ central banker – BIS – has itself slammed the Fed:

In a pointed attack on the US Federal Reserve, [BIS and its chief economist William White] said central banks would not find it easy to “clean up” once property bubbles have burst…

Nor does it exonerate the watchdogs. “How could such a huge shadow banking system emerge without provoking clear statements of official concern?”

“The fundamental cause of today’s emerging problems was excessive and imprudent credit growth over a long period. Policy interest rates in the advanced industrial countries have been unusually low,” [White] said.

The Fed and fellow central banks instinctively cut rates lower with each cycle to avoid facing the pain. The effect has been to put off the day of reckoning…

“Should governments feel it necessary to take direct actions to alleviate debt burdens, it is crucial that they understand one thing beforehand. If asset prices are unrealistically high, they must fall. If savings rates are unrealistically low, they must rise. If debts cannot be serviced, they must be written off.

“To deny this through the use of gimmicks and palliatives will only make things worse in the end,” he said.

Presja na obniżenie ratingów prawie wszystkich krajów z grona rynków rozwijających się, będzie trwała, a sytuacja ich budżetów będzie gorsza niż w poprzednich 5 latach, przewiduje S&P.
S&P expects "persistent ratings pressure" on emerging-market countries, saying that the fiscal positions of almost every government will be worse than the previous five years and GDP per capita will be flat or worse in two-third of the 42 rated developing nations.