It is sobering to think that, just one year ago, this publication described the global economy
as being in a “crisis of unknown depth and duration.” Today, the depth and duration are
known. Although the global recession was deep, a massive multi-governmental response
was mostly successful and made the duration of the recession shorter than most analysts
expected. Now the uncertainty concerns the strength of the recovery, the future structure of
the global economy, and the path of various asset prices including interest rates, exchange
rates, commodity prices……