The case for a classic U.S. current account adjustment grows more compelling. This could lead to renewed weakening of the dollar and higher long- term real interest rates.
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I think there's every reason to believe that another jobless recovery could be in the offing in the years immediately ahead -- one that would take a comparable toll on consumer demand.Stephen Roach
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That underscores the possibility of yet another shoe to fall in world growth -- all the more reason to stress the protracted nature of this global downturn.
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I continue to find Germany, by far Europe's biggest economy and still the third-largest economy in the world, the most interesting story of all. Germany, despite its bad press, is very much on the move.
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