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Michael Pettis predicts Europe will be moving toward a trade surplus
In a May 19 blog posting about the internal deate within China over whether or not to let their currency strengthen v. the dollar, Michael Pettis predicted a huge movement in Europe toward trade surplus. His reasoning is impeccable....
He argues that the Southern European trade deficit countries will have trouble borrowing money, which will reduce their trade deficits. At the same time, he notes, the weaker euro will increase the trade surplus for the northern European trade surplus countries.
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