The Knife Must Fall

While the trade outlook improves, the summiteers face a budget deadline

Moneymen around the world were yearning to look on the bright side, and it was high time. After weeks of gloom and stress since the Black Monday crash of Oct. 19, the financial markets needed only to see a few rays of hope to justify a rally. But everyone was looking for encouraging signals from the one place in particular, the U.S., that lately has been unable to deliver. . Investors and foreign leaders watched with increasing impatience last week as they waited for America to come across with some evidence of progress in solving its economic problems.

In some respects,...

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