Overseas, Few Shocks
Is the U.S. housing blowout going to hurt the rest of the world? Certainly, a major slowdown in the planet's biggest economy would cause some countries pain. But much of the globe will likely shrug off the worst effects of any American slump. "The global economy is no longer U.S.-centric," says Ed Yardeni, an economist who heads Yardeni Research in New York. "We may find that the global economic boom continues, notwithstanding the slowdown in the U.S."
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