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By Richard Clarida and Mohamed El-Erian
Published: August 2 2010 18:06 | Last updated: August 2 2010 18:06
Federal Reserve chairman Ben Bernanke's characterisation of the economic outlook as "unusually uncertain" has attracted much attention, and rightly so. It speaks to the immediate impact of a series of ongoing national and global realignments whose effects are consequential but not yet sufficiently appreciated.
At a fundamental level, the unusual uncertainty reflects the disruptive combination of deleveraging, reregulation, structural unemployment, and other ongoing structural changes.
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