[Pen-l] Downturn Accelerates As It Circles The Globe

[Joanna]

Thanks for the article Louis. I have to admit that the one thing that 
has surprised me in all this is how awful the situation is in Europe. 
Don't know why, but I thought they were smarter than that.

I think what fooled me was their welfare state structures, which, when 
you think of it, were legacies rather then auguries.

Joanna
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