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If the US economy is cooling, where does that leave the rest of the world?

More and more economic indicators suggest that the US economy is "cooling" which is beginning to impact upon decisions made by the European Central Bank and other central banks around the world. There were high hopes that the US economy would continue to grow and drag other economies higher but this appears to be something of a forlorn hope at the moment.

Initial indications only a few weeks ago seemed to support the idea that the US economy was over the worst and indeed moving back towards the boom times. However, slowly but surely the US economy has started to weaken and the growth in recent months is stalling, with concerns about the future. The US authorities have committed enormous resources to rejuvenating the US economy and if this were to prove unsuccessful this would leave the authorities in a very difficult situation.

A number of "lone voices in the darkness" had voiced concerns some time ago that the impact of the credit crunch and the worldwide recession would not disappear overnight and could take decades to recover from. At the time many "experts" ridiculed these claims suggesting they were doomsday scenarios which just would not happen. Who will be right in the end?

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