According to the OECD think-tank, global growth will be hampered next year by a slowdown in the world’s largest economies, including the U.S. economy. Global growth will slow to 1.3 percent to 1.8 percent from about 2 percent this year as the private sector isn’t healthy enough to step in and extend credit amid deleveraging. The term “stall speed”, a term used more frequently since 2010 when the global economies’ recovery from the crash began to cool down, has been getting good usage as of late. Last week, representatives of PIMCO used the term, and the concept popped up again in a Bloomberg interview as well. We continue to refer to our big picture “muddle through” scenario: the Reflationary Debt Trap.

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