I don't see much progress in Europe,but I'm still hoping,said William Rhodes of William Rhodes Global Advisors.The French and the Germans are arguing about bank union.It's always too little,too late.They need a package with a time table they can meet.Only if the markets really move against them will they move.
The growth rates are negative in Spain and Italy.At 2.5-3%,only Germany is not in recession.
It's really an open question whether the Federal Reserve's QE3 will work.All of this bond-buying will have to be unwound.
All of Asia is slowing down.A change in leadership in China is at hand.They've got to convert over more to domestic consumption.There are a lot of doubts floating around.This new leadership is gonna have a lot of challenges ahead of it:a slow US economy;a slow Europe;a China dropping from 11-12% growth to 7%,Mr.Rhodes observed.
William Rhodes is a former Citibank vice president.He is the author of "Banker to the World:Leadership Lessons From the Front Lines of Finance."
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