"Neither the United States nor Europe, outside Germany, is likely to experience serious deflation in the next year or two. But that's the wrong question - and we should bear in mind that Japan's economic malaise took a long time to turn into all-out deflation.""The American situation is strikingly similar in some ways to that of Japan a decade ago. Like Japan circa 1993 or 1994, the United States is now facing the aftermath of a huge stock market bubble. Also like Japan, America faces a problem not of sharp downturn but of persistent underperformance - an economy that grows, but too slowly to prevent rising unemployment and falling capacity utilization.What's different is that America has Japan as a cautionary example. Is forewarned forearmed?"http://www.iht.com/articles/97523.html
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