In the US, the Obama administration is ploughing a lonely furrow, the only major country in the world to be easing fiscal policy this year, even as the Federal Reserve persists with a scorched earth monetary policy. The President's nod to the hawks in the Republican party, who not unreasonably consider America's deficit to be out of control, could hardly have been more half-hearted – his proposed spending cuts won't get going until the presidential term after next. George Osborne he is not.
On the other side of the world, China faces a completely different set of problems.
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