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MAY 2012: In his March and April letters Bill
Longbrake asked: "Is this another false start or have we finally
achieved break out?" The answer now is clear and the answer is
“No.” Risks to U.S. economic growth remain substantial and, if
anything, have intensified somewhat over the last month. In this
month’s letter, Longbrake reviews recent developments in GDP
growth, personal income, consumption, consumer debt, and
employment. The letter also updates developments in Europe and
examines China’s unbalanced economic model and discusses
challenges and risks that lie ahead as Chinese policymakers
attempt to design a more balanced and sustainable economic
model. |
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