Bond Outlook [by bridport & cie, January 4th 2006]
The New Year has begun with views as divided as ever over whether US GDP expansion is real and sustainable, or merely a spending spree dependent on Chinese and Japanese vendor financing, together with mortgage equity withdrawal. We, of course, side with the latter view, taking seriously the seeds of long-term problems being sewn by the lack of US investment in productive assets and debt-based spending at all levels. |
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