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08-15-2010, 04:42 AM #1
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Fed’s Wake-Up Call Gives the Euro a Dose of Reality
Fed’s Wake-Up Call Gives the Euro a Dose of Reality
Currencies / Euro
Aug 14, 2010 - 12:32 PM
By: Bryan_Rich
The Fed surprised many people this week when it announced it would respond to the deteriorating economy with more efforts to stimulate.
It was a splash of cold water on the face of the world, a wake-up call that hammered home the reality of the economic climate: The recession wasn’t normal, the recovery wasn’t real, and we’re only half way through what will likely be described as a global depression.
The recent deterioration in global economic data, led by the U.S., is clearly showing that the massive government policy responses that gave a mirage of recovery on paper didn’t do a thing for the real economy. The real economy wasn’t able to pull itself up by the boot-straps and pick up where the government stimuli dropped off.
No longer are investors holding onto the dream of a normal recovery, much less a sharp recovery.
I’ve been warning about this reality throughout the crisis, even as Wall Street was assuring investors that a return to normalcy was underway.
The evidence is, and has been, clear: The world is littered with unsustainable debt. And global de-leveraging is still in the early stages.
Moreover, the global trade imbalances that contributed to the crisis, and prohibit the global economy’s return to a sustainable path of growth, still reign.
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05-15-2024, 09:35 PM in General Discussion