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Markets in the United States and Europe fell and the euro hit another low for the year on Thursday after the European Central Bank disappointed investors hoping for decisive action to contain the euro zone's increasingly virulent debt crisis.

The Greek default has turned out to be the proverbial dog that didn't bark. The lesson for Europe - and for the US - is clear: it is time to stop listening to what banks say, and start focusing on what they do. We must re-evaluate the distorted political economy of the financial sector, before the excessive power of the few imposes even larger costs on everyone else.

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The period from March 2009 was the year of wishful thinking. Central banks cut interest rates and governments opened their cheque books providing a flood of cheap money that gave the illusion of recovery and a normal functioning economy. By pouring a lot of water into a bucket with a large hole, the world sustained the impression that the receptacle was almost full.

In their recent book on the history of financial crises, Carmen Reinhart and Kenneth Rogoff note that banking crises are frequently succeeded by sovereign debt crises, as governments are forced to assume private liabilities to keep their national financial systems afloat. The 1997-98 Asian crisis provides a relatively recent example of how private debts can rapidly become public liabilities if a default threatens the overall economy.

Reactions to World Bank president Robert Zoellick's suggestion that gold might be used as part of a package of measures to reconstruct the international system ranged from the lukewarm to the bewildered.

The media has been so preoccupied with acute symptoms of the debt crisis - sliding home prices, foreclosure abuses, ongoing Euromarket bank/sovereign debt stress, ongoing battles over financial regulation implementation, unhappiness over the Fed's QE2 - that lingering problems are not getting the attention they deserve. High on the list is the how the weak job market is affecting new college and advanced degree program graduates. We have an unspoken social contract: young people who get an education, particularly a "good" education (which means more elite universities, more serious courses of study, graduate degrees) are supposed to be rewarded by higher lifetime earnings. And the prospect of higher lifetime earnings in turn makes it rational to borrow to invest in education. But this whole premise has started to go awry, and the huge uptick in unemployment has started to make matters worse.

It feels perversely quaint that the national conversation is momentarily focused on the likelihood of insider trading cases dropping on a hive of nefarious and presumably well-connected individuals -- huge cases, we are told via breathless leaks from the federal cops on the beat, cases worth -- are you sitting down? -- tens of millions of dollars. With numbers like these, one can only imagine what's up next -- a crackdown on employees who brazenly pilfered office supplies from their jobs at publicly bailed-out institutions like Bank of America, perhaps?

Europe will eventually grow tired of bailing out its weaker countries. The Germans will probably pull that plug first. The longer we wait to see fiscal probity established, at the European Central Bank and the European Union, and within each nation, the more debt will be built up, and the more dangerous the situation will get. When the plug is finally pulled, at least one nation will end up in a painful default; unfortunately, the way we are heading, the problems could be even more widespread.

Emergency moves by the European Central Bank on Monday and the €110bn ($145bn) international rescue package agreed over the weekend have failed to quell investor fears about the future of the eurozone as concerns have risen about other member countries' stability.

The 750 billion euro package the European Union passed last week to prop up the common currency has been heavily criticized in Germany. Former Bundesbank head Karl Otto Pöhl told SPIEGEL that Greece may ultimately have to opt out, and that the foundation of the euro has been fundamentally weakened.

Earlier on Tuesday, French President Nicolas Sarkozy said the nuclear fuel swap with Iran was a "positive step" and it was waiting for Tehran to provide full written details, as China and Lebanon also voiced their support for the new deal.

First came the real estate crisis. Then the financial system melted down. And now, skyrocketing public debt is threatening entire countries. Star economist Nouriel Roubini tells SPIEGEL that more crises will come and go before world leaders agree on true reform. He says breaking up huge banks would be a good place to start.

U.S. Treasury Secretary Timothy F. Geithner dined on Wednesday night with European Central Bank President Jean-Claude Trichet, a closed-door, no-public-comment session that placed the American official in the middle of an ongoing European debate: Which Trichet would show up?

THE EGYPTIAN TINDERBOX: HOW BANKS AND INVESTORS ARE STARVING THE THIRD WORLD

America is not broke. Contrary to what those in power would like you to believe so that you'll give up your pension, cut your wages, and settle for the life your great-grandparents had, America is not broke. Not by a long shot. The country is awash in wealth and cash. It's just that it's not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich. Today just 400 Americans have more wealth than half of all Americans combined. Let me say that again. 400 obscenely rich people, most of whom benefited in some way from the multi-trillion dollar taxpayer "bailout" of 2008, now have more loot, stock and property than the assets of 155 million Americans combined. If you can't bring yourself to call that a financial coup d'état, then you are simply not being honest about what you know in your heart to be true.