Friday, October 11, 2013

Global Economy: Who Needs America Anymore?

(Drivebycuriosity) - When America sneezes the rest of the world gets pneumonia. Right? Wrong. It looks like that the U.S. is closed now. At least the American government is shut down - the 10th day now. But the world doesn`t care. Stock markets in Europe & Asia have been defending their strong gains, even the U.S. stock market is close to its all-time high.

Rightly so. China, already the second strongest economy of the world, is gathering speed again. In the past weeklong National Day holiday Chinese retail sales climbed 13.6% compared to last year. The strong domestic consumer demand reduces China´s dependence from the the volatile export market and from sales to U.S.  Europe also is gathering speed as several indices show.

The tailwinds from China`s & Europe´s recovery are lifting the global economy and compensating the impacts of the moronic skirmishes in Washington DC. Who needs America anymore?

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