OMAM's Cowley on worrying times for the dollar

Nothing could have illustrated the difference between the European and US response to the new ‘Age of Austerity’ than the recent meeting between UK Prime Minister David Cameron and US President Barack Obama. The former advocated restraint and deficit reduction, while the latter advocated a continuation, and even expansion, of an already lavish set of government-sponsored spending plans. You only have to look at the number of new bodies that President Obama’s healthcare bill and recently signed finance bill have created to see the reason for the difference: the bureaucracy is breathtaking...