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A totally unexpected way the European crisis could slam US GDP
If you think about the way the European crisis could hurt the US, you could come up with a few obvious contagion mechanisms. First, Europe is a gigantic US trading partner, and it's pretty difficult to imagine Europe having a prolonged slump without it hurting the US on that level. More ominously, a banking crisis in Europe could have contagion effects in the US, due to counterparty relationships and exposures. This is scarier because then we're not just talking about a slowdown, but another crisis. And of course, there's just the psychological element: Businesses get freaked out by what they see in Europe, and they ... (full story)
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