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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: Alan Whirlwind who wrote (17120)	2/4/2003 2:14:42 PM
From: sea_urchin	Respond to of 81177

Al, I saw this piece at the Socialist website yesterday but didn't post it because I thought people might consider I was becoming a commie having already posted one article from the site. However, the piece is not particularly socialist and it does give insights into the article which you have just posted. wsws.org >>>Economists and businessmen at the summit emphasised that Europe and Asia depended on strong growth in the US economy and would remain in the doldrums so long as the US economy did not recover. According to Robert Mundell of Columbia University: “There are no other engines. Japan will take longer to recover from the downturn than the US has. And the rise of the euro will dent exports in Europe, which is the only strong part of their economies.” The US economy, he maintained, could “keep going, but that’s not enough for the US to be the motor of the global economy.” What this adds up to is that the world economy is trapped in a kind of vicious circle. On the one hand, economic growth in the rest of the world depends on an expansion of the US economy. On the other hand, in the wake of the collapse of the share market bubble, expanded growth in the US depends on an upturn in the rest of the world.<<<