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Oecd Calls Europe's Crisis Policy Unworkable, Fears 'virulent Episodes' In Emerging Markets

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The eurozone's strategy of trying to drive down wage costs across Southern Europe through deflation is leading to a debt trap and is ultimately unworkable, the Organisation for Economic Co-operation and Development has warned.

The OECD said the global economy remains extremely fragile, highlighting the danger of "virulent episodes" in emerging markets as the US Federal Reserve starts to withdraw global dollar liquidity.

There is a risk that any emerging market crisis could be large enough to short-circuit global recovery altogether.


Of course it's fragile it's propped up by the printing of funny money which is distorting demand. Until the funny money stops we have no idea what the real economy is.

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