Global Economy Needs to Recognize the Loss of Illusory Savings

"Bad Loans Haunt Global Economy" is an example of denial that gives a prolonged ache among many versus a sharp pain to a few.  In the U.S. we have a good "Goldilocks" recovery underway, one where its not too hot nor too cold.  Its not clear that TARP helped us by bailing out the banks and auto industry rather it was a rejuvenated oil and gas industry that lifted us out despite the Obama administration's initial contrary vision at the Energy Department. Europe on the other hand bails out Greece by mandating banks to take its debt thereby saddling their economies with nonperforming assets and then depends completely on uneconomic energy policies that make energy expensive and in yet increases air pollution with dirty coal being burned when the sun don't shine or the wind don't blow. Much of the savings sloshing around in the global economy as indicated by low interest rates, below 0 in Japan, are worthless assets still not written down to their true value.  China's managed economy, for example, is not writing down as it should. Its doing the same as what Japan did as it entered the first long term recession of our era; one that is approaching thirty years!