From the latest letter from Goldman's Jim O'Neill, a jaw-dropper of a stat...
This past week, the 6 in the year 2012, has displayed a slightly different character to the previous 5 weeks with the equity markets losing their strong upward momentum. There have been some understandable reasons for this, not the least of which is the never-ending saga of Greece, which I shall discuss a bit more below, and the related challenges about resurrecting a credible and permanent European Monetary Union (EMU) from this mess. Despite this, my main message is – once again – to please keep this in perspective. Greece’s economy is somewhere between $300 to $350 bn. Last year alone, China’s GDP increased by $1.4 trillion, to $7.3 trillion. I reckon that means China has created the economic equivalent of another ½ of Greece in the 6 weeks of 2012 to-date. It is also the case that the evidence about a self-sustaining recovery in the US continues to build after yet another decline in weekly job claims, a rather reliable indicator.
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See Also:
- DEAL OR NO DEAL?: Some Troubling News About The State Of The Greek Bailout
- EL-ERIAN: Even EU Leaders Know This Greek Deal 'Will Only Last A Few Months At Best'
- Check Out This Crazy Front Page Of A Greek Newspaper