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Canary Keels Over, Sticks Legs in Air

Singapore’s economy shrank by almost 8 percent in the second quarter of 2011, reports the FT.  That’s a bad sign; the Southeast Asian city state is a regional trade and finance center and is acutely sensitive to economic trends in the neighborhood.  Disruptions in supply chains thanks to the Japanese tsunami had a lot to do with it; still, Singapore is a one of the canaries that smart observers should watch.  When this bird stops singing, something bad is getting close.

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