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Strategies & Market Trends : World Outlook

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From: Don Green12/27/2004 10:18:04 PM
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The United States is the world's leading economic power—but perhaps no longer the world's economic leader. There's a difference. No one doubts the singular wealth or position of the American economy. It's roughly 2.5 times bigger than Japan's, six times larger than Germany's and eight times bigger than China's. The dollar, the reigning currency for world trade and international investment, represents about two thirds of governments' foreign-exchange reserves. American capital markets and investment banks remain supreme. In 2003 global companies and governments sold more than $5.3 trillion worth of stocks, bonds and other debt, says Thomson Financial; 58 percent of that money was raised in the United States, and the top five underwriters were American (led by Citigroup, Morgan Stanley and Merrill Lynch). There's no end of superlatives for the U.S. economy.

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