IMF chief economist Olivier Blanchard says if the US fails to deal with “fiscal cliff” it could potentially be an “enormous shock” to other economies. [Telegraph]
The Obama administration probably will not be best pleased with the IMF’s recent ‘endorsement’ of the US economy and the policies of the current President. His rival, Mitt Romney, is jumping on this briefing and I expect the Republicans to provide as more oxygen to this report as humanely possible.
Overly, the report is quite chilling. A perfect economic storm is gathering.