
Things are now very different. The US consumer is going through a period of consolidation. Likewise, the US current account deficit has narrowed sharply. The last data point showed a quarterly deficit that was almost $80 billion lower than the peak.
This sudden contraction in US import demand has pushed many economies, particularly those in Asia, into deep recessions.
So much for decoupling.
A consumption strike in the US kills off the world economy.
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The "decoupling" argument was either profoundly stupid, or dishonest. Money is fungible for heaven's sake.
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