MUCH of Western Europe has been gripped this fall by the sudden fear of a recession. West Germany's Council of Economic Advisers, for example, last week reached the gloomy conclusion that the German economy, the Continent's most powerful, will sink to a growth rate of only 3% in 1971 about half the increase registered last yearand predicted that still worse times were ahead for 1972. In large part because of President Nixon's defense of the dollar, which has made U.S. goods more competitive abroad and foreign-made goods more expensive in the U.S., similar...
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