Will his firm's optimistic view of its prospects prove to be far-sighted, or rose-tinted?

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Corporate earnings may fluctuate quarter-to-quarter and employment rates may tick up or down each month, but the national discussion needs to be more far-sighted.

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The problem may be that bond investors, far from being far-sighted, are in fact myopic, and are perhaps being fooled by the temporary disinflationary effects of excess capacity and debts built up over the bubble years in both Japan and America.

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Indians point out, too, that Pakistan enjoys a rare guarantee: the Indus Water Treaty, struck in 1960 by far-sighted engineers and diplomats who saw that after the partition of land, water had to be shared out too.

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