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move along, nothing to see here, just the invisible, magical hand correcting the market and providing the perfect outcome, as always
http://www.project-syndicate.org/com...bini45/EnglishThe outlook for the global economy in 2012 is clear, but it isn’t pretty: recession in Europe, anemic growth at best in the United States, and a sharp slowdown in China and in most emerging-market economies. Asian economies are exposed to China. Latin America is exposed to lower commodity prices (as both China and the advanced economies slow). Central and Eastern Europe are exposed to the eurozone. And turmoil in the Middle East is causing serious economic risks – both there and elsewhere – as geopolitical risk remains high and thus high oil prices will constrain global growth.
At this point, a eurozone recession is certain. While its depth and length cannot be predicted, a continued credit crunch, sovereign-debt problems, lack of compe iveness, and fiscal austerity imply a serious downturn.
The US – growing at a snail’s pace since 2010 – faces considerable downside risks from the eurozone crisis. It must also contend with significant fiscal drag, ongoing deleveraging in the household sector (amid weak job creation, stagnant incomes, and persistent downward pressure on real estate and financial wealth), rising inequality, and political gridlock.
move along, nothing to see here, just the invisible, magical hand correcting the market and providing the perfect outcome, as always
^^^sez the great and powerful Oz
you love me, you REALLY love me
that's what they all say. believe whatever you want, baby.
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