Macroeconomics

Of all the developments during the period under review (April 5-19), two stand out. The first and most obvious was the ratcheting up of violence by Iraqi insurgents and President Bush’s corresponding reaffirmation of his country’s military presence in Iraq. The rights and wrongs of the situation apart, one cannot help but think the US has stirred up a hornets’ nest of terrorism, with all negative implications that has for levels of consumer confidence and the world economy in general.

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