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Newsweek International

| April 24, 2006 | COPYRIGHT 2006 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Stephen Glain (Mark Hosenball Jacopo Barigazzi Christian Caryl and Akiko Kashiwagi Andrew Romano Dorothy Kalins Silvia Spring Devin Gordon)

World Economy: No More Easy Money

Is the age of easy money over? After years of cheap credit worldwide, the U.S. Federal Reserve has been raising its short-term rates for two years, and now comes new signs that long-term rates are finally starting to rise, too. The 10-year U.S. Treasury bill broke the 5 percent barrier last Friday, for the first time since 2002. As America goes, so goes the world. The European Central Bank is now tightening credit, too, and the Japan Central Bank looks likely to end a ...

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