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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (94198)	1/26/2002 11:49:24 AM
From: Les H	Read Replies (2) of 132070

The $600 Billion Gorilla A drug addict is often said to have "a monkey on his back". The US economy may have a gorilla on its back. Are we strong enough to carry around a little more weight, or will we collapse? What I am referring to is a recent study by Morgan Stanley that the "America's current-account deficit should hit 6.2% of nominal GDP in the second half of 2003, in excess of $660 billion. In dollar terms, this would break all global records. It does the same in percentage terms for the modern-day US economy." That means we will be buying about $600 billion more from the world than we sell. In 1987, the last record year, the percentage was 3.4%. Back then, we needed about $160 billion to finance our deficits. The rest of the world did not give us the required money, and the dollar dropped 50% in about 2 years. from Mauldlin letter

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