America’s Role as Consumer of Last Resort Goes Missing

Not long ago, before the financial crisis and the global recession it triggered, economists referred to America itself as fulfilling the role of consumer of last resort. American consumers were fueling demand for the goods China and other nations produced, and so, they kept the world economy humming. However, as Bloomberg reports, it may not quite work that way anymore. U.S. growth is not reverting to the pre-crisis model anymore, which created lift for everyone else in the first place…

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