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EDITORIAL: Grim reality of market turmoil heralds a new weak dollar era.(Editorial)
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Sunday Business (London)
- Article date:
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September 29, 2007
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Copyright informationCOPYRIGHT 2007 Sunday Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sep. 29--When the credit crunch first started causing market turmoil in the summer, it became fashionable to argue that it wouldn't affect "the real economy," as if the financial sector somehow didn't exist. Three months later, and after the first run on a British high street bank since the 1860s, nobody now denies the crisis will affect economic growth, profits, jobs and bonuses.
Great Britain will suffer a significant slowdown, with the property market grinding to a halt and the government's budget deficit widening sharply. America will be hit by weaker growth, though subdued consumer spending should at least help rebalance its economy.
Perhaps most significantly, ...
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