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Monday, March 22, 2004

Entropy in the global economy by Chetan Parikh Via Bworld

A perspective of worsening economic situation with the economy leader plunging into more and more debtA US economy drunk on credit and feasting on low interest rates has developed an appetite of which its budget and current account deficits are a burpy symptom. An Asia which believes that the emperor can't be without clothes is experiencing an artificial stimulus, and financing the profligate behaviour of its irresponsible benefactor by accepting worthless IOUs. A confused Europe - shackled by history and legacy with institutions committed to preserving the status quo - could find its economies frozen should the US sneeze. Bubbles in financial and housing markets guarantee that wealth destruction would be of a scale and magnitude unprecedented in economic history. The demographic profile of an ageing population in the developed world would ensure that the pain inflicted could be mortal, and sap the confidence and trust that make markets work. The magnetic forces of attraction with which trade binds nations together could turn into repulsion as adversity increases
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