The Real Threat to the Global Economy

From Wall Street to Russia to Australia, fear of inflation has central bankers nervous, markets tumbling, and growth uncertain

Is something seriously wrong in the global economy? The world's investors seem to think so. On June 13, stock indexes in Japan and Australia had their biggest point losses since the aftermath of the September 11 terror attacks. The Russian Trading System Index dropped nearly 9%. Stocks fell sharply in Turkey and India as well.

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