Currencies back off… More problems for BOA? More on China…Aussie Retail Sales rebound… And Now… Today’s Pfennig!

Keith Fitz-Gerald says the recession that is now inevitable in the US and Eurozone will not necessarily evolve into a worldwide contraction. US influence in the global economy is waning, while China’s is growing rapidly. Keith says countries with high cash reserves and low external debt should bounce back strongest in the long term. And that gives investors a reason to remain “selectively bullish”.