Truth to Power

Economic downturn a myth?

Credit crunch? What credit crunch?

PARIS (Reuters) – The credit crunch is not nearly as severe as the U.S. authorities appear to believe and public data actually suggest world credit markets are functioning remarkably well, a report released on Thursday says.

As a result, governments are pumping masses of public money into the economy across the world because of the difficulties of a few big, vocal banks and industries such as car manufacturing, which would be in difficulty anyway, according to the report published by Celent, a financial services consultancy.

“It’s just stabbing in the dark with trillions of dollars,” Octavio Marenzi, report author and head of Celent, told Reuters in a telephone interview where he questioned the depth of the analysis that preceded numerous fiscal stimulus packages.

Regarding U.S. business access to credit, the report says:

*Overall U.S. bank lending is at its highest level ever and has grown during the current financial crisies.

*U.S. commercial bank lending is at record highs and growing particularly fast since May 2007.

*Corporate bond issuance has declined but increased commercial lending has compensated for this.</em>

Then where did all the money go?


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