The most important global economic trend you haven’t heard about


I try to watch as much of the economic data flow as I can, but last week, I might have missed the most-important global turn-of-the-screw amid the deluge of high-profile US data, such as Friday’s jobs report.

The tidbit? Banks in the euro zone made it easier to get a loan for the first time since late 2007.

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Europe has been an albatross around the neck of the global economy for years. That’s largely due to a zombified financial system that’s been focused on its own survival rather than on providing the credit that serves as the lifeblood of any modern advanced economy.

That’s changed over the couple of years as Mario Draghi’s promise to do “whatever it takes” has been followed up with actual action aimed at bringing the European debt crisis under control. Prices for European government bonds have risen, bolstering the financial position of…

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