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The phrase “United we stand, divided we fall” is attributed to people as varied as the 6th century BC Greek author Aesop and the American revolutionary patriot Patrick Henry.It now threatens to become the epitaph for the bungled attempts by governments to manage the global financial turmoil. When historians look back at the events of the past few weeks, they will write about the appalling lack of international coordination and cooperation, particularly in Europe.The one bright spot may be the coordinated interest-rate cut by seven major central banks two days ago. But the Federal Reserve-led actions aren’t enough to resuscitate a crippled banking system. When push comes to shove, governments act on an ad-hoc, piecemeal basis and, to the detriment of others, largely out of national self-interest.Take Ireland. Its government... [read full story]
