They came; they saw; they lost. That is the reaction to what emerged on global rebalancing at the summit meeting of the Group of 20 leading countries in Seoul last week. Publicly, surplus countries persist in calling on those in deficit to deflate themselves into economic health. The consequences of this folly are now evident in the eurozone. At the world level, the US will never accept it. But, beneath the radar, something more productive may be emerging.
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