Monday, December 10, 2007

Decoupling dies as half the globe hits crunch

Decoupling dies as half the globe hits crunch

The rising economies of Asia are too small and deformed to rescue world growth as America, Britain, Australia, and Club Med face their day of debt reckoning. China may make matters worse, not better.The seven pillars of global demand over the last year -- measured by current account deficits -- have been the United States ($793bn), Spain ($126bn), Britain ($87bn), Australian ($50bn) Italy ($48bn), Greece ($42bn), and Turkey ($34bn). Most are facing a housing bust. All are in trouble

Posted by chris @ 12:51 PM (476 views)
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