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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: GST who wrote (56716)	3/24/2006 11:28:20 AM
From: mishedlo	Read Replies (1) \| Respond to of 110194

My view is that the dynamics of the global economy are of more significance than the US housing bubble -- despite the short-term impact that a rapid deflation of housing asset prices would have. For who? India and China perhaps but not the US. Probably not Europe either. Asia and Russia and Australia and South America? Perhaps. EU Leaders in growth pledge ananova.com Europe's leaders will deliver upbeat pledges on jobs and economic growth in a bid to get the embattled European Union back on track. They will also agree moves to advance a common European energy policy and sweep away red tape hampering investment and enterprise. But the positive signals emerging from a summit in Brussels cannot disguise deep divisions triggered by the determination of some countries to defend national interests against cross-border mergers and takeovers. The meeting of EU leaders has exposed fault lines in Europe's much-vaunted single market, with free movement across borders for services, goods and people. Poland, Spain and France are in the firing line for erecting new trade barriers just when the EU is trying to open its markets even further. But an expected summit row over the new mood of national protectionism failed to emerge - replaced instead by a spate over the dwindling status of the French language. French president Jacques Chirac triggered controversy as soon as the summit started - leading a walkout of his delegation because a fellow Frenchman chose to address EU leaders in English. The guilty man was Ernest-Antoine Selliere, the head of the European Employers' Organisation Unise. He was brought in at the start of the summit discussions to help assess the chances of reviving the EU's economic growth ambitions, including setting a target for offering every school leaver a guaranteed job or guaranteed training by the start of next year. Mr Selliere decided he would address the meeting in English, despite the presence of interpreters, because, he said: "English is the accepted business language of Europe today." President Chirac, foreign minister Philippe Douste-Blazy and finance minister Thierry Breton immediately walked out. They were gone for at least 15 minutes - returning only when another Frenchman, European Central Bank president Jean-Claude Trichet, addressed the summit in French. ======================================================== The EU does not look anywhere near ready to give up protectionist agricultural policy and neither does the US. Heck France is still paranoid about their own language. Congress is threatening to levy 27% tariffs on China. The US can not peacefully resolve even simple lumber problems with our best trading partner: Canada. Education and medical costs in the US are soaring. Bush wants to abandon science and teach creationism. Add all of those things up and you tell me what is going to happen. Mish