The euro rocketed to a two-month high of $1.29 and sterling jumped two cents to almost $1.54 after the Fed confessed that the US economy may not recover for five or six years. Far from winding down emergency stimulus, the bank may need a fresh blast of bond purchases or quantitative easing.The Fed thinks this depression will last until 2016. Ouch!
Friday, July 16, 2010
The Obama Depression (part 4)
The US workforce has shrunk by a 1m over the past two months as discouraged jobless give up the hunt.