The document discusses the recent 15% selloff and recovery in equity markets, the economic outlook for the US and China, and the European debt crisis. It highlights the role of consumer spending, commercial construction, and capital goods shipments in the US economic growth. The document also explores the potential solutions for the European debt crisis through repo markets and the challenges associated with it. Additionally, it covers the impact of high-risk government-sponsored lending on the US financial system, as discussed by Paul Volcker. The document includes various charts and data on fiscal deficits, repo markets, and loan loss provisions.
documents/EFTA01171154.pdf
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