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Wrappack, I think most economist would agree that 'basic economic theory' is wrong. There is no way to simplistically model a complex national economy, let along a world economy. Higher highs, lower lows - is totally incorrect from any legitimite economic viewpoint. This implies diverging...

Now the statement below from New Scientist provides an insight into one of the potential areas of weakness in the US. If you want to look for reasons why the US economy may not successfully recover in this business cycle, this is food for though. Source: New Scientist, 7th August 2004 Bear...

World recession - European, Asian and even Australian data indicates otherwise. The world is coming out of a global recession (which Australia through luck & good management didn't experience). Even Japan is recovering slowly! US recession - not right at the moment. Employment isn't the only...