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Punters in emerging markets would have had to be more selective, however.
Without the benefit of the exchange rate, several markets would have double-digit percentage declines.
Markets would have slaughtered a Labour government for that, but markets forgive Conservatives almost anything.
("If we had cut rates seven times, the markets would have gone berserk," a senior Treasury official told me).
Perhaps markets would have been even higher but for the geopolitical factors.There has been some good analysis of this elsewhere.
Mr. Romney and others have argued that the markets would have provided that money if the government demurred.
This reduces margins but in the context of a growing world economy so equity markets would have no problem.
At that point, the Dallas and Phoenix markets would have continued getting the game, damaging World Series viewership.
If investors believed a full-scale trade war were a serious possibility, the markets would have tanked.
Risk managers who work with models that implicitly or explicitly assume frictionless markets would have ignored these possibilities.
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The alleged upside of the deal for developing countries -- increased access to rich country markets -- would have been of tiny benefit, even according to the World Bank.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com