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It has become evident that we are in for a very long slog no matter who is president and that there will be more shocks to the world economy for possibly several more years. Europe is nowhere near solving its problems and it now seems they are willing to kick the can further to avoid the real pain, and just let Draghi save the day for the politicians with his bond buying program. It could easily be 5 to 10 more years until Europe is really back on a sustainable growth track, and even then the monetization of the problems at the ECB will be very hard to unwind in an orderly way.

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