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Until that changes, any reduction in America's deficit will spell a weaker world economy.
"The first comes from the weaker world economy," Mr. Macfarlane said.
And, far from being rendered great again, it would be a weaker world power.
A weaker world recovery is one of the main reasons why the Bank of England cut interest rates on February 6th.
Persistent drought and weaker world resources prices are forecast to reduce the value of Australia's commodity exports by about 5percentt in 2003-4.
Mr. Almunia also said that the strong euro, which so far has shown little sign of pinching European growth, would eventually affect, and be amplified by, a weaker world economy.
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The weak world economy had a lot to do with keeping inflation low and unemployment high.
A weak world economy sent commodity markets plunging, with oil falling almost to $10 a barrel.
A weak world economy means that everyone is fighting for shares of a too-small pie.
Finally, the weak world economy has knocked one American strategy for ratcheting up growth — faster increases in exports — badly off the rails.
Equities look like the best bet.The central banks are pursuing the right policy for a weak world economy, but it has risks.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com