Why America’s cold is no longer contagious-by Gerard Baker
“When the US sneezes, the rest of the world catches a cold,” we used to say. It captured rather well the way in which economic events, especially negative ones, in the world’s largest economy seemed to be followed by similar events elsewhere. Since the Great Depression at least, companies and employees in the rest of the world have feared weakness in the US economy for its spillover effects on them. Yet, fortunately for the global economy, this one doesn’t seem to hold any longer either. As US demand has been looking distinctly sickly in the last year, the rest of the world has been pumping itself up like a baseball slugger on steroids.
No comments:
Post a Comment