Imagine turmoil in financial and currency markets, with skidding stocks and a soaring currency that threatens an export-dependent nation.
Then imagine that the nation’s central bank – the one institution capable of responding quickly in a global financial crisis – has no Greenspan, no Bernanke, no boss.
This, in fact, is Japan, the world’s second largest economy.
http://www.washingtonpost.com/wp-dyn/content/article/2008/03/18/AR2008031801008.html?hpid=topnews
The central bank stalemate, which has been anticipated and fretted about for months, has suddenly become a national embarrassment, an international worry and a political millstone for everyone involved.
Misery loves global company
