Global Imbalances and the ‘Blame Game’: Media Seems To Enjoy Playing With Itself

2009-11-13

I'm a bit tired of the press hobby of endlessly debating which country was responsible for the Great Recession, or global trade imbalances, etc.

There are several reasons why this is a waste of time.

First, there is plenty of blame to go around, and many countries need to enact reform measures. Focusing on one mythical culprit will lull the others into a false sense of security. We can't afford to leave any one "off the hook" at this time (i.e. there is broad responsibility for cleaning up the mess).
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