The world economy has not been in a more precarious situation in over a decade. Growth is faltering everywhere, with the Eurozone flirting with recession, while central banks have returned to monetary easing after just one year of global tightening.
For some reason, the dire situation of European banks is not causing further alarm. This is strange, as it is the exact place where the new global banking crisis is likely to start.
What makes it even stranger is that recession is approaching the …