Over the course of 2012, the U.S. economy rebounded with all the vitality of a slug waking from a long nap. In debt-strapped, recession-hit Europe, investors fret about a Spanish bailout, a Greek default and whether the euro itself will shatter.
The U.S.’s best 250 years are behind it, Northwestern University professor Robert Gordon writes in a paper published by the National Bureau of Economic Research, saying economic growth may gradually “sputter out.”
Reverend Steven Jamison recalls the February day 13 years ago when he was digging ditches to replace culverts at his Maranatha Faith Center in Columbus, Mississippi. As he switched from a shovel to an excavator, an oily black substance began to fill the trench. It smelled like turpentine, and the deeper he dug, the more he saw, Bloomberg Markets magazine reports in its June issue.
The European Central Bank would do “a lot, lot more” in terms of easing monetary policy if it mimicked the aggressiveness of foreign counterparts, says David Mackie, chief European economist at JPMorgan Chase & Co.
New Jersey Democrats will try for a second time to prohibit fracking for natural gas in the most densely populated U.S. state, after Governor Chris Christie vetoed a ban in August and lodged a one-year moratorium.