Decline of American Power?

Christian Gregory christian11 at mindspring.com
Fri Oct 11 14:13:27 PDT 2002



>But the EU banking system is quite solid as a whole - telecom loans are a
small share of the entire system, e.g., and the large banks are globally diversified, and backed by activist governments, who routinely tell the global market to go f&^% itself. The EU banking system is more profitable and secure than it was in 1990-93, for sure.

Even the WSJ admitted this. But growth for the last 3 years of 2, 2.9, and 0.6 hardly counts as stellar, and since Sept. of 2001, unemployment claims have been rising between 100 and 200k a month. Even if the banking system is better of than the WSJ says it is, does this change the bigger point? Te EU hardly seems ready to take up the slack in world demand if the Euro strenghtens as the US and Japan tank.

Christian



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