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Economic growth worldwide picked up in 2017, and the best guess is that the global economy will perform strongly in 2018 as well.Surely the largest single factor in the synchronized global upswing is that the world economy is finally leaving behind the long shadow of the 2008 financial crisis.First, post-2008 political divisiveness creates massive long-term policy uncertainty, as countries oscillate between governments of the left and the right.Perhaps the No. 1 risk to the global economy in 2018, however, is anything that leads to a significant rise in real (inflation-adjusted) interest rates.Low interest rates and easy monetary policy have papered over a multitude of financial vulnerabilities around the world, from Italian and Japanese government debt to high corporate dollar debt in many emerging markets, and perhaps account for political support for trillion-dollar deficits in the U.S. Admittedly, markets see little chance of any significant rise in global interest rates in 2018 . Even if the Fed raises rates another four times in 2018, other major central banks are unlikely to match it.
of a progressive consumption tax
And what about Rochester?
The case for a World Carbon Bank
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