Absent bold action, matters could well get worse.

“Until there is a new mechanism in place to remove this decaying tissue from the system, the infection will spread, confidence will deteriorate further, and we will have to live through the mother of all credit contractions.”

The moral-biological language of financial collapse…infection, decay, tissue.

Back to Rogoff and the Nordic Banking Crisis

Was Glass Steagall to blame? Is that a disingenuous question?