While it may not seem as if the US is doing much of the pulling, or that global growth is fast enough to suit everyone, global economic growth is critical to start resolving economic and financial imbalances, in our view. Additionally, as the chart on the right shows, US [Nominal] GDP has now comfortably passed the $14.5 trillion peak of 2008 and is likely to pass $15 trillion in 2011. We believe markets recognize that although growth is likely to be slower than in recent decades (and in some regions more than others), the overall direction is still positive. Economic growth can be stronger in an environment of cooperation and trade, but lower in a world ruled by mistrust and protectionism.