The earnings of corporate America have been badly hit this year, largely because of the downturn in Asian economies and the strengthening dollar.

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For me, the only event that could have changed the deteriorating global economies was a sudden strengthening in the U.S., which would have made the U.S. the locomotive of the world.

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Emerging economies can help strengthen the global recovery by strengthening domestic sources of growth and by allowing more flexibility in their exchange rates.

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Higher rates also makes Brazil extremely attractive to the carry-trade, as investors from low yielding economies will pour into the Brazilian bond market, strengthening the real to the 1.80 level in a flash, and causing mild panic within the Finance Ministry who will argue that Brazil cannot compete in this market with such a strong currency.

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In fact, since the announcement of the OMT, national banks in peripheral economies have been buying more government bonds than ever, apparently strengthening those links.

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This means that economies of networking arise on the demand side of the market, as a result of the strengthening of the consumer bargaining power with product sellers.

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