Bond Outlook [by bridport & cie, March 15th 2006]
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The retiring editor of The Economist claims that the newspaper usually gets its economic predictions right (except that about cheap oil!), but that bubbles always seem to last longer than can be imagined. So it is with the imbalances of the world economy and the continued growth of the US internal and external deficits. It was only four years ago that everyone wondered where USD 1.5 billion per working day could come from to finance the current account deficit. |
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