Sunday, April 20, 2008

A new world order as US sinks

HERE'S a big lesson of the first international financial crisis of the 21st century: some old-fashioned economies are weathering the storm better than those that borrowed big to spur growth or those that bet heavily on debt-strapped American consumers.
The US, the economy at the centre of the turmoil, is dragging down world growth. On Wednesday, Federal Reserve chairman Ben Bernanke gave his most pessimistic assessment to date of the US economy's outlook, strongly suggesting that a recession was likely.
In testimony before Congress, he also said the Fed projected slower global growth over the coming quarters. read here for the full story

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