“But he warned that the eurozone debt crisis, as well as overly hasty spending cuts by the federal government, risked undermining the US recovery.
“But he added that the US central bank’s monetary policies were ‘no panacea.’
“On the subject of the eurozone debt crisis, Mr Bernanke said there was little help the US could offer.
“’The problems are not really economic, they’re political,’ he said. ‘Because what they are trying to do is find solutions that are acceptable to 17 different countries, which you can imagine is very difficult.’
“He said that the US was an ‘innocent bystander’ to the crisis, and while the country’s direct exposure to any debt default by Greece was limited, the real risk was that a disorderly default could trigger a run on other eurozone governments and a banking crisis, which would hit the US badly.”
My Comment: The expression “that the United States was an ‘innocent bystander’ to the crisis” is especially moving. One may shed tears, touched by the suffering of pure innocence.