The global financial system has endured turmoil over the past two years. Of course, this has not been the first shock to the system, but this one has several powerful new characteristics. It is global, it has endangered the solvency of important financial institutions, and it cannot be resolved by purely political means. The crisis may be political in its background and possible consequences, financial in its manifestation, but what makes it so powerful and significant is the impact on the real economy.
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