What has been this year’s most important economic and financial story? Most people seem to agree that it has been the global credit crunch and the US housing crisis. However, in fact, this has been a sideshow compared with the far more important shift in the structure of global growth in favour of America, largely at the expense of Europe, including Britain. This shift was confirmed by the remarkably strong US GDP figures published last Thursday and is likely to trigger a substantial rebound in the dollar – just when cover stories in business magazines around the world are announcing the American currency’s permanent decline.
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Friday 14 December 2007
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