World Not in Crisis, Just Rebalancing

There’s something you crucially need to understand about the global economic crisis: It doesn’t exist.

Sure, Europe may be weeks away from a monetary cataclysm that has the potential of crashing all its economies plus some of the euro-exposed banks across the Atlantic. The United States may be suffering its highest poverty rates in half a century. And here in Britain, the combination of high inflation and an economy that actually shrank last quarter may return the ugly word “stagflation” – stagnation plus inflation – to our vocabulary.