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Are Western Politicians Making Fools of Themselves?

Friday, 22 Jun 2012 | 1:11 AM ET

"The banks are propping up the government, the government is propping up the banks," Liam Halligan, chief economist at Prosperity Capital Management told CNBC at the Saint Petersburg International Economic Forum. He added: "We're making complete fools of ourselves in the West." Jim O'Neill, Chairman at Goldman Sachs Asset Management, pointed out that banks buy government bonds everywhere in the world.