But even in the euro area, which seems to have least tofear, the outcome would be less happy if central bankers make mistakes and fail toease policy until it is too late.
Some fear that even if the Fed did ease monetary policy to restore order, lingering inflation fears would push up long-term rates, compounding America's mortgage mess.
Their main fear is theease with which police would be able to gain access tothe public keys lodged with Trusted Third Parties, posing a threat to privacy and individual liberties.