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Peter Bernstein on central banks and the credit crisis
Part 2, Feb 10, Peter Bernstein, author of Against the Gods and Capital Ideas Evolving talks with Aline van Duyn, US Markets Editor, in his New York City office. He says central banks do not have the tools to fix the financial crisis: "This is a problem of a seizing up of the whole credit system around the world and rupture of trust". The fix is going to take a long time, he says, and the compression of credit availability is squeezing the real economy.