Word: courtises
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The productivity boost it spawned allowed the U.S. to grow at phenomenal rates in recent years without incurring significant inflation. It also helped attract hundreds of billions of overseas dollars into the country, noted Kenneth Courtis, a Tokyo-based vice-chairman of Goldman Sachs Asia. And the spigot may still...
Another worry: it's getting hard for weaker U.S. companies to borrow. Courtis showed what he called a frightening chart depicting bond yields. In early January corporate junk bonds yielded 9 percentage points more than a 10-year Treasury bill. (In other words, lenders demanded that much more from risky...
-KENNETH COURTIS, vice chairman of Goldman Sachs (Asia), saying the country is a major risk to world growth, at the World Economic Forum in Davos
The only way out, according to Courtis, may well be for the Bank of Japan to print more money. That approach to dealing with the debt load, he said, would cause a torrent of wealth to leave Japan and push international stock markets higher (or at least put a floor...
How likely is such a correction? The board didn't foresee its happening soon, but members didn't rule it out. Nor did they see a major slippage in stock markets as the end of the world economy. A slide of 35% in the value of the New York Stock...