Bears have been confounded by the global economy’s resilience of late. No double-dips in 2011, and much of the world’s growth is currently accelerating.
As I said on Real Clear Markets in November, the global economy can weather turbulence and weakness in Europe better than most expect. And while many think of EU weakness “infecting” the rest of the world, actually the opposite seems more likely: a stronger rest of the world could drag the EU with it. Check out this headline from Bloomberg earlier this week:
Global Manufacturing Displays Resilience to Euro Crisis: Economy – Jennifer Ryan
Happy New Year everyone!
Another tremendous, sterling, must-read analysis from John Tamny today over at Real Clear Markets: