We cannot be content just because 1998 did not end with a global financial meltdown and the U.S. and Europe achieved a good economic performance despite the debacle in the emerging markets and in Japan. If last year marked the end of U.S. and European complacency toward what was wrongly perceived at the beginning as just a regional crisis, 1999 is already shaping up as the year of living dangerously.
The continuation of economic growth in the U.S., crucial to keeping the world economy moving, relies on a stock-market bubble that will not continue indefinitely to defy both the law...
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