Industrial production is at levels first achieved more than ten years ago, and capacity utilization is close to record postwar lows.
The EU and US are debt-strapped; only the solvent developing world has the purchasing power to increase manufacturing demand significantly, but they have been dependent on the EU and US as final markets.
A second round of deflationary contraction in the US and EU will probably result in the formation of a head-and-shoulders pattern in Industrial Production in the US, and probably globally.
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