"The spectacular dollar rebound has geostrategic implications. Heady talk earlier this year that dollar hegemony was coming to an end - or indeed that the US was losing its status as a financial superpower - now seems very wide of the mark."
It always was. I have repeatedly said, the US economy is so flexible that it will recover before anyone else. Every TV channel in the US is reporting an upturn in every State of house sales and so is the Times. Yes they are much cheaper than they were. Yes it's hard to get the mortgage. Yes it's bloody for those who have lost their houses. I sincerely wish the UK only had to fall another 9% to get better.
But it's got much more to go, and by the time US house prices start rising again, we will still be looking for the bottom.