It’s difficult to tell what is going on with the world economy. Is it on the verge of expansion or another recession? The Standard & Poor’s 500 Index rallied after the European Central Bank and the Federal Reserve announced they were ready to start buying bonds, but will it be enough to lift the global economy. Joachim Fels, chief economist at Morgan Stanley in London, says banks have steered us away from recession, but it will take government action to get out of the “twilight zone.” 

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