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Impact is global econ collapse

The ratings agency stated, "The U.S. fiscal cliff represents the single biggest near-term threat to a global economic recovery." Fitch has gone on to warn, “A U.S. fiscal shock would be exported to the rest of the world via a sharply weaker U.S. dollar and asset prices, lower U.S. price and wage inflation and heightened risk of deflation, and the impact on commodity prices.” In the meantime leading U.S. executives have less confidence in the business outlook now than at any time in the past three years, with a primary reason being fear of gridlock in Washington over the fiscal deficit and tax policy. And so unless the fiscal cliff is confronted and avoided this could be bad news for everyone.