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For example, with regard to the immediate hurdle of the sovereign debt crisis, leaders
appear to be primarily addressing a symptom lack of liquidity, rather than the
underlying cause - a lack of solvency. Only last week Germanys Angela Merkel
stated, The path is closed for using the ECB to ease liquidity problems.' At the same
time, two top Federal Reserve officials argued that the U.S. Central Bank should again
consider resuming purchases of mortgage backed securities, in other words, QE3.
Alexander Mirtchev is President of the Royal United Services Institute for Defence
and Security Studies (RUSI) International, President of Krull Corp., and a Member of
the Board of the Atlantic Council.
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