Yet while asset prices soar, the production of goods and services, employment and workers? incomes are not recovering and resuming growth. Instead, Western Europe, North America and Japan are stuck in a longer, deeper crisis than almost anyone expected. Millions have left the labor force. Wages, benefits and job security are declining; the so-called ?middle classes? are evaporating. Having promised ?recoveries,? desperate governments inject massive new quantities of money into their economies. What they accomplish most are fast-rising asset prices.
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