The global economy is suffering from a chronic structural disequilibrium driven by widespread currency misalignments.
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The Congressional Budget Office is forecasting the slowest real recovery in the post-war era, and given trend inflation which does not rise above 2 percent, the slowest nominal recovery in the postwar era.
As 2011 kicks into gear, what's here to great us? A state unemployment rate that just inched up a notch to a record-matching 8.8 percent in November. A year ago we worried when it was 7.5 percent.
I sat down recently with Peter Kraus. In December, at the height of the market turmoil, he became Chair and CEO of Alliance/Bernstein of New York, one of the world's largest asset management firms.
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