Why the Global Economy Is Still Stuck
The global economic news is not good lately. The Italian election was a statement against the austerity policy of the previous government, but failed to offer an alternative. The resulting uncertainty keeps Italy's government bond market on thin ice, threatening to engulf the whole euro zone in a new financial storm.
The U.S. government has been embroiled in a fight over something called "sequester" for weeks without a solution. The resulting US$ 85 billion cuts in government spending rekindle the risk of double-dip recession. The cuts are 0.5 percent of GDP and less than one-tenth of the United States' fiscal deficit. The big worries over them reflect the fragile state of the American economy after massive stimulus over five years and a dysfunctional U.S. political system.
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- Chongqing Flood
- Back on Track
- Where is the money
- China Unicom Agrees to Host Tesla Rechargers at Its Branches
- Two Shanxi Officials with Troubled Pasts Now Graft Suspects Themselves
- Agricultural Bank's Chairman Said to Take Party Post in Jilin
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- Closer Look: Anti-Corruption Czar Makes Noteworthy Appearance at CPPCC Meeting
- Retired NDRC Pricing Official 'Detained at Beijing Airport'
- Haier's New Look: 'Micro-Enterprise' Platform
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- No Free Rides in Iraq
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- Baidu Disconnects from Its Plan to Join Gov't Telecoms Pilot