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Project Syndicate: There’s nothing strong about U.S. economic fundamentals, says Stephen Roach

Net national savings are a razor-thin 2.1% of GDP, which means the U.S. is largely dependent on foreign capital to finance its growth. That is not a strength.

NEW HAVEN, Conn. (Project Syndicate) — The spin is all too predictable. With the U.S. stock market clawing its way back from the sharp correction of early February, the mindless mantra of the great bull market has returned. The recent correction is now being characterized as a fleeting aberration — a volatility shock — in what is still deemed to be a very accommodating investment climate.

After all, the argument goes, economic fundamentals — not just in the United States, but worldwide — haven’t been this good in a long, long time.

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