06 July 2006

It’s as it every day is like nursing a Wednesday morning hangover

Excessive dependence from outside markets puts everything in jeopardy.

The euro zone occasionally enjoys an uptick in growth by piggybacking on strong global trade. But the good days never last; there has been no real boom since the dotcom days at the end of the last decade. The sorry reality is that what is celebrated as a great year for European economic progress would be decried as a catastrophic near-recession in America.
The saying goes that when the US sneezes, the rest of the world gets a cold. Meant as a slight on the US’ lack of responsibility for the care of others before itself, one wonders where this parasitic notion will lead. The saying is, after all, decades old. Don’t you think it’s time export based European economies built a little bit of an immunity and stop making the US entirely responsible for their well being?
They are, in that sense, still a little like underdeveloped economies dependant on wealth coming from abroad rather than developing markets and spending power from within.


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