Salient to Investors:

Clive Crook writes:

  • The global economic recovery is hardly worthy of the name – the IMF again reduced its growth forecasts.
  • Recessions involving financial crashes are harder to recover from than ordinary downturns.
  • The failure of international cooperation is most egregious in the EU, where the EU core inflicted severe fiscal contraction on the periphery and the ECB has let the goal of EU-wide low inflation deflect it from providing monetary stimulus adequate where demand has collapsed.
  • Fears that aggressive QE might cause financial instability when it’s reversed should be taken seriously, even if signs of a risky “reaching for yield” are few right now.


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