By David Shirreff
Russia is close to invading Ukraine, which has repudiated its foreign debt; Brazil has agreed to pay the European banks but refuses to pay the Americans; the equity derivatives market is thrown into chaos by a UK insurance subsidiary; thousands of Americans are suing their pension funds for being overweight equities when the stock market dived.
These are just a handful of the crises that hit four teams of US policy-makers as they sat in their respective rooms trying to hammer out a response – for the White House, for Congress and for the American people.
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