No nosedive: markets could defy doom-mongers

Challenging the doom-mongers

Stephen Blyth

As we enter 2012, financial commentators are near-unanimous in their gloom. Ominous warnings about government debt and the future of the euro are ubiquitous – informed in part by statements such as those made in December by Paul Fisher, executive director of markets at the Bank of England (BoE), who claimed in an interview that the current situation is potentially more dangerous than the crisis of 2008.

Investors, bankers and regulators flew into that earlier phase of the crisis with seat belts

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