Who is to blame?"The procrastination and dithering by the leaders of the various countries in the euro zone and the ECB has been a major contributory factor to the worsening of the sovereign debt crisis and we do not want a repeat performance in the U.K," said Ted Scott, director of U.K. strategy at F&C Asset Management.
These crooks and others thought that by creating a crisis, they could force the ECB to make a move, but the ECB didn't. The ECB called their bluff, and now they are pissed because they are caught short. It will be interesting to see what they do. Their first effort is to point to at political manouvering and inertia as the culprit (an easy task, since the EU is inherently a politically unstable cartel). Once the blame starts, to me that signals the "crisis" is nearing an end.
The fact that the ECB stood pat should be a strong signal that they believe there is no real crisis here. Go back and look at what they did in 2008. Sure - some will say they waited too long in 2008, but think about that. Arguably, yes, the US, Europe, and everybody else waited too long in 2008. However, having gone through that and examining the fall-out, I think they realized that knee-jerk moves just encouraged the Greedy Scum (GS for short) to keep speculating until it got to the point that even the speculators couldn't control the beast. Neither side wants that scenario here, and recent indictments in the US were a clear signal that those who mess with the global welfare will not be tolerated.
And, while we like to point at GS and others as the culprits in these finacial debacles, lets not delude ourselves into thinking that is was just wall street (they were a big part of it). It was the wealthy trying to get wealthier. Look at anyone that has over $50M is assets (and they are all among us) and point the finger at them. Wall street was the gun, but a gun is not dangerous without ammunition, and these guys provided the ammo.