Larry Summers (file photo)
Both Europe and the United States are on the brink of a "deflationary spiral," with Europe's economic morass possibly lingering for a decade, former Treasury Secretary Larry Summers has warned. "Europe is on the brink of a deflationary spiral that could be gravely threatening to the process of growing standards of living, not for a year, but for a decade," he recently told Bloomberg TV. "Europe is lagging relative to every other region of the world. And the situation is getting worse." [Full Story]
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