The US economy
Because of the leading role the US economy plays in the generation of global output, demand, consumption, trade (imports and exports), technology, cross-border direct investment, and financial flows, the difficulties which it is presently encountering (as highlighted in last week’s column) vividly illustrate the continued fragility of the global economic recovery and why the global economic crisis is not going away. As I have shown, policy actions in the US have been insufficient to spur the desperately needed recovery in jobs,
