A global economy in robust health ought to be able to resist action by the Fed at the same time as a market correction. But it’s not clear that it canThis time last month stock markets were starting an end-of-year rally,cheerfully regarding the US Federal Reserve’s small increase in interest rates as evidence of the underlying strength of the global economy.
Now, says William White, and former chief economist of the Bank for International Settlements,the situation is as scandalous as in 2007, the onset of the banking crash.
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Source: theguardian.com