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If we wound the clocks back a year, the prevailing belief was that the US was already in recession and the rest of the world would get through unscathed.
So far the US economy has held up MUCH, MUCH, MUCH better than people expected. Trade has blown the doors off expectations largely on the back of a cheap US $.
Conversely, Europe and Canada hae seen much waker than expected economic performance due to high currencies and high commodity prices. I know this caught many of you by surprise, you thought you had it made in the shade!
Europe is in recession, Canad and Japan close. The emerging markets are going to follow. The US will probably have a mild recession while everyone else goes in to a deep one. Any guesses whow ill accelerate out of the weeds first? Oh, I think you know.
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