Subject: David Hale Global Economics: Special Report on Energy Policies and Economic Growth
From: "David Hale" <[email-masked]>
To: "R. Hunter Biden" <[email-masked]>
Date: Tue, 18 Nov 2014 12:55:06 -0800 (PST)

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Dear R. Hunter,

The dynamics surrounding energy prices and policies in industrialized 
economies have gained increased importance as global economic growth has 
disappointed in recent quarters.  Attached you will find our latest 
special report, "How Energy Policy Is Boosting the US, but Harming 
Growth in Europe and Japan", which analyzes this subject from a number 
of perspectives. The report details the reasons why the US economy has 
been a big winner from energy market dynamics in recent years while 
these same dynamics have hindered growth in Europe and Japan to varying 
extents. It also looks at the outlook for these dynamics in the future.

Key conclusions include:

The unconventional energy boom has boosted US growth through robust 
investment, stronger trade, and a healthier consumer

High electricity prices are hurting German industrial competitiveness, 
and businesses are starting to shift investment intentions away from the 
country

Increased energy imports have hurt Japanese growth in recent years and 
threaten to sink Shinzo Abe's term because of their effect on real wage 
growth and consumption

A deal with Iran regarding its nuclear program later this month could be 
a boon for the global economy

Natural gas contract structures have kept gas prices elevated in Europe 
and Asia, although the shift towards spot market-based pricing in Europe 
will be a positive for the region

I will be sending an updated survey of the developed economies tomorrow. 
In light of Japan's recent surprise announcement of a GDP contraction 
last quarter, we will also be sending you Richard Katz's most recent 
report from  The Oriental Economist .

With all best wishes,

David Hale 

Chairman

David Hale Global Economics, Inc.

546 Lincoln Avenue, 2 nd Floor

Winnetka, Illinois 60093 USA

847-386-6009 (tel)

847-386-6011 (fax)

[email-masked] 

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