Daily Commentary: On huge growth disparities in the developed economies

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We see a number of data points in today's links that point to economic growth and employment dynamics that vary widely across the developed economies. Yesterday, I showed you the chart of the day on this, which highlighted Greece's predicament, joined by Ireland and Italy. The US started as the worst performer but quickly corrected course in March 2009, due in my view to economic stimulus. Look at the kink in the economic trajectory at the March 2009 point. Greece, on the other hand shows a massive kink downward at about April 2010 when they received their first bailout in exchange for austerity. I think the implication here is clear: over the medium-term austerity leads to...


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