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As this is being written, there’s war of words between former Bank of England advisor Mario Blejer and German Chancellor Angela Merkel over whether Greece should default (he says the birthplace of democracy should “default big,” while she says no way, the risk of a “contagion” across the euro zone is too great). Meanwhile, back in the States, Richard Fisher, president of the Dallas Federal Reserve, says there’s little the Fed can do to help the domestic economy, while average US income fell, the poverty rate rose and Congressional Republicans aren’t getting on board with President Obama’s $447-billion jobs plan.

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