Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Joe S Pack who wrote (22434)	8/9/2002 10:30:26 PM
From: smolejv@gmx.net	Read Replies (1) of 74559

>>Yes you will have your turn. << You got to be kidding. We're waist-deep in the same s*t as US: According to the latest available figures, U.S. net foreign in debtedness,reflecting the cumulative current-account deficit, amounted to $2.3 trilllon at market value at end-2000, and to $1.9 trillion at current cost. Considering that the current-account deficit keeps running at an annual rate of more than $400b, new external indebtedness is now rapidly approaching $3 trillion or about 30% of GDR. And please note: 90% of that net debt increase has been incurred during the 90s. To emphasize the key point again: The total exposure by foreigners to the U.S. dollar — as measured by aggregate foreign-owned assets in the United States —amounts to well over $9 trillion... (from July Richebächer letter) So what? We talked about J6P signing the check for $30B, did we not? Well. First of all it's american dollars OK, but I dont know whose money it is - everybody chips in to stave off another domino from toppling, would be my guess. Second, what's the big deal about $30B? It's like saying "Hey, look, he's been drinking and driving again" and you have a half-empty bottle of bourbon in your lap with the hind seats of the car chock-full of empty glassware.

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