Momentary optimism is ruling participants’ thinking so far this session, but global economy is still sending out stark warning. For one, and particularly troubling, is signs that the economic powerhouse that is supposed to carry the EU out of its morass, Germany, is heading into recession, while Japan is faring no better. US GDP yesterday showed that the American economy has a relatively solid pulse, but chatter about the “fiscal cliff” reveals a tepid heartbeat.
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