Not a perma-bear I think it is beginning to sink in that there are no easy ways out of the dilemma that the authorities are now in - belatedly trying to balance the fight against inflation with the need to protect financial stability and doing so at a time when the accumulation of government debt is limiting the room for fiscal interventions and banks are running into liquidity problems. The uncertainty about where this all goes to which investors are waking up is matched by the lack of coherence and clarity in the responses of central banks and governments. I fear that there are bound to be p...