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to point out that the US was NOT the consumer of last resort - or only for some of the Asian mercantilist economies.

And my response on the sustainability of French and German recovery lies on recent statistics showing that personal incomes are still growing in France and Germany, thus sustaining consumption fairly naturally (withotu recourse to more debt).

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Thu Aug 20th, 2009 at 03:53:20 PM EST
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personal incomes are still growing in France and Germany, thus sustaining consumption fairly naturally (withotu recourse to more debt).
And I continue to be gratified by this fact and continue to hope that it will continue.  It is good that at least two western countries can keep their heads above water.  One of my concerns about the mismanagement of the US economy is that it might drag everyone down with it.


"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Aug 20th, 2009 at 10:47:56 PM EST
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