For John, BLUF: I am not sure the economic outlook for 2014 and 2015 is all cheery. Nothing to see here; just move along.
From The Wall Street Journal we have this depressing headline:
"OECD Cuts Forecast for 2014 Global Growth; Urges ECB Action: Paris-based Research Body Calls on ECB to Cut Benchmark Rate to Zero".Here is the lede and following paragraph:
The European Central Bank should immediately cut its benchmark interest rate, and may even then have to take additional measures to end a period of too low inflation in the euro zone, the Organization for Economic Cooperation and Development said Tuesday.Charts and graphs at the WSJ link.
In its twice-yearly Economic Outlook report, the Paris-based research body once again lowered its forecast for global economic growth, since it now expects a number of large developing economies to be more sluggish than it anticipated when it last published projections in November.
It is a global economy and problems in Europe or Asia will impact us. I am hoping Europe gets back its zest, but this problem in the Ukraine and the application of sanctions against Russia will not be helpful. It is all interrelated.
Of course the recommendations are based on a Keynesian view of the world.
Regards — Cliff