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It's interesting that he points to population growth but doesn't mention the dirty secret:

If the US has more population growth, that means it needs more GDP growth to sustain the same standard of living. (Krugman commented on this recently, but I can't find it right now.)

If you include UK banks and UBS (Swiss) then the European banks did get some serious toxicity.

[Of course all the usual caveats about GDP growth and hedonic indexing still apply.]

by Metatone (metatone [a|t] gmail (dot) com) on Tue Aug 26th, 2008 at 02:22:33 PM EST
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I suppose the response to the first point would be: compare per capita GDP. (Though I don't think he's doing that).

On the banks, as I said, it depends on the perimeter you apply. Switzerland and the UK are special cases. He's no doubt counting them in so he can labour that particular bad point for Europe.

by afew (afew(a in a circle)eurotrib_dot_com) on Tue Aug 26th, 2008 at 03:25:57 PM EST
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