As ridiculous as it sounds what’s really needed in order to fix the global economy is a much bigger crisis. The problem today is that each mini crisis is small enough to be papered over with freshly printed money, thereby repeatedly postponing the day of reckoning.
Unfortunately our current financial system is beyond saving and in order to begin a new cycle of true prosperity we must first radically restructure our economy, and this is something that simply won’t happen while we cling to the belief the things will get better on there own. They won’t.
Only when we have a crisis that’s so big that it takes the whole system down can we begin the process of building a new system that is inherently sound. The alternative is perhaps a decade of slow, or even, no growth, high unemployment, high inflation, low wage growth and falling living standards. Personally I would rather get the pain over quickly.