New Macro Forecast: Emerging Asia versus submerging Europe
Global recovery but Southern Europe in 1930s depression The recovery in emerging Asia is taking hold and will help global growth rebound in 2013, despite continued recessions in European crisis economies. The US will not jump off the "fiscal cliff" but rather continue contributing to global recovery. Imbalances in the eurozone are far from resolved but will not lead to a financial collapse. Reduced private sector funding of foreign debt in the "PIGS-economies" is being offset by increased lending from the ECB and eurozone governments but it is questionable whether this is sustainable in