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Financial MarketsGlobal Economy
The United States currency has only really weakened relative to the yen and the euro, but that depends on optimistic expectations of a European and Japanese economic recovery.
Global EconomyLabor and Wages
So far, the United States is leading Europe in employment improvement, but the full recovery is extremely far away.
Taxes and SpendingU.S. Economy
Debt matters, even if interest rates are low. Increasing debt and spending means lower growth and weaker real wages in the future.
Big GovernmentGlobal EconomyTaxes and Spending
Debt is neither free nor irrelevant, as interventionists want us to believe, even if interest rates are low. More debt means less growth and a slower exit from the crisis, with lower productivity growth and a tepid employment improvement.
Global EconomyTaxes and SpendingMoney and Banking
The ECB can disguise the risk for a while, but the reality of the mounting debt and tax burden ahead is probably going to end in a debt crisis.
The eurozone needs to understand that if it decides to increase taxes to address the rising debt due to the COVID-19 response, its ability to recover will be irreparably damaged.
The key to recovering jobs quickly and efficiently is the combination of a flexible labor market, an attractive investment framework, and solid policies to preserve the business fabric of the country.
It is very likely that the shutdown of major developed economies will be followed by a shutdown of emerging markets, creating a supply shock as we have not seen in decades.