The trouble is that the counter-cyclical forces that were expected to save the skins of many firms, especially those that relied heavily on the financial industry, have yet to materialise.

The optimists argue that the Fed through the magic of fractional reserve banking can counter the forces of private sector credit contractions.

At a moment when nationalistic claims and counter-claims are resounding over the ice-floes, the region's intractability still forces its would-be conquerors to rub along.