August 25, 2011     Permalink Tweet: The Dumbest Rally of All Time: .ly/oFg0To Submitted by Michael Dewey

Here's a clip from an article by Michael Spence at Project Syndicate:

"The world is witnessing is a correlated growth slowdown across the advanced countries...and across all of the systemically important parts of the global economy, possibly including the emerging economies. And equity values' decline toward a more realistic reflection of economic fundamentals will further weaken aggregate demand and growth. Hence the rising risk of a major downturn -- and additional fiscal distress." Michael Spence, "Stagnant and Paralyzed," Project Syndicate