The bad news coming out on all economic fronts is now finally subsiding. The world economy has finally bottomed out is the unanimous cry!
The Japanese economy has now stopped contracting and the news coming out of continental Europe is also positive. Though for every Germany and France we have a Italy and Spain, I put that down to abject leadership and double standards respectively than poor economic practices. For the Italians have a supposed pervert for a Prime Minister and the Spaniards have shown Xenophobia towards migrant workers but embraced Portuguese, Brazilian and Swedish Footballers after spending a small nation's GDP to get them.
But on the other hand, the Germans have sold their fine cars and efficient machinery to the now rich people of China to steer themselves out of th clutches of recession and then we have the French who were never too far from the shore in the puddle of greed. After all the ridicule that my mind was trained to direct towards Continental Europe's economic policies, thanks largely to the diet of Anglo American publications that I imposed on it, I finally feel ready to listen to the continental point of view.
Mr. Obama too has had a quite week in USA. Thanks largely to the passing of the last surviving of the famous Kennedy brothers. In spite of all the good intent none of his ideas have yet borne fruit. The verdict on "Cash for Clunkers" too is still very much in the balance. May be he needs to take the odd drastic step. Chopping Pinocchio's nose would be a good place to start!
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