In this time of maximum gloom about the global economy, it was an interesting excercise to climb my own mental 'wall of worry' and consider that it may well be the good old US of A that can lead the global economy out of the economic quagmire.
This article in the Economist certainly provides a thematic for a looming US recovery -
The five-prongs of the recovery are:
1. US on the path to being a net energy exporter
2. Housing undervalued, household deleverage well progressed. Operation twist leading to record low mortgage rates
3. Innovation creating new industries
4. Banking system regulation
5. Exports to emerging consumer classes amongst the new economies
So, some three-years after Bernanke first saw the mirage of 'green shoots' amongst the scorched earth of the American economy, is this quintuplet of economic hope a platform for a sustained recovery? Could well be tinder dry, with the spark provided by the politcal impasse in Capital Hill being broken in the forthcoming election. Job creation is a lagging indicator
Would you like some 'boom' with your 'gloom' sir?