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The world has become dangerously dependent on American stocks, writes the former IMF chief economist
Catch up on global daily news
Compelling long reads
Tune into captivating conversations
Watch engaging short films
Behind the scenes at The Economist

The consequences will be profound, argues Henry Curr

A pair of bankruptcies highlight the risks

Those holding American assets will have to get used to it

What happens in the event of a slump?

Scenarios now range from bad to awful

As stocks dwindle, further price rises are inevitable