09 August 2008

The unstoppable nation

For all the moaning over the economic problems confronting the US, we are still the most vigorous country in the developed world, and the currency markets are starting to reflect that:

The US dollar has launched its best rally in half a decade, reflecting a recognition that half the world is in even worse shape than the US. In fact, America is the only G7 country to eke out modest growth this summer.....Brent crude fell $4 to under $114 a barrel, down over 20pc since peaking in early July.....Danske Bank says there has been a $70bn net outflow of investment from the eurozone over the last year. It appears that foreign govern-ments are sated on European bonds. The drip-drip of bad news in America is now being trumped daily by the icy douche splashing over Europe.....Arguably, the US is now super-competitive. Airbus and Volkswagen are shifting production plant across the Atlantic. US furniture and textile companies have stopped outsourcing to China, and are coming home.

Never bet against the United States!

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