However, our assessment remains of a rolling restructuring focused on sovereign change, albeit differing from that of the of the1990s that linked to corporate change related to globalization and to do with emerging country, especially Asian, finance. Rolling restructuring does links to our favor for a quality of delivery overlay to investment holdings and near term probability for range bound markets. Development of rolling restructuring continues, recently positively linked in exchange rate markets to decline of the Euro to $1.20 along with deficit reduction programs from Northern Europe to the South. The foreign exchange developments are not yet complete. The next required step being not in pressing politically for Renminbi/dollar rate gains (as wage gains in China could also accomplish its desired increased domestic consumption albeit at the cost of operating margins) but instead being a decline in the Yen towards 100-120 with a cogent deficit program with concomitant requirements for the United States.
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