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July 22, 2011

Spasm or Spiral? The West's Choice

Philip Stephens, Financial Times

AP Photo

Do these twin crises represent one of those damaging but short-lived spasms that have periodically disturbed the advance of the wealthy economies? A rerun of, say, the 1970s? Or are the shocks of an entirely different order - a harbinger of accelerating decline as the west surrenders two centuries of global hegemony?

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TAGGED: China, Eurozone, United States

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