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Pastimes : All Clowns Must Be Destroyed
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To: JHP who wrote (38702)6/8/2000 3:29:00 PM
From: pater tenebrarum  Read Replies (2) of 42523
 
of course it matters....i personally believe that the trade/current account deficit is one of the most pressing problems faced by the US economy (the other being excessive private sector indebtedness).
it can not be sustained indefinitely...at the current run rate foreigners have to cough up 1,5 bn. every day to keep the US current account financed. however, with overseas economies improving lately, the competition for capital becomes more intense...hence we could be in for an interest rate bidding war at some point.
note that the Asian crisis was also precipitated by growing current account deficits coupled with overvalued currencies, high private sector debt and asset bubbles, precisely the conditions found at this late stage of the US boom as well.
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