Europe’s economy may be coming unstuck from the global recovery as governments to the south of the region struggle to reverse budget deficits and consumers in the north pull back spending.
If that was the case, the US recovery would be coming unstuck from the global recovery as well. Today’s massive budget deficit, in excess of -10% of GDP, is only exceeded by the deficits produced after the United States entrance into World War II. File this news under tactical release to support the Euro assault.
Source: bloomberg.com
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