Light of Hope?

Happy 4th of July!

So Europe is turning against austerity. Merkel is alone. Big question is still where the growth is going to come from? German consumers?

China's growth has slowed and policy is at the beginning of an easing cycle.

US is easing further, given the slow down in data? Quite possibly.

So for once in a long while, we can hope for an implicitly coordinated pro-growth policy actions among the major actors of the world economies...