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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (4940)1/13/2004 4:54:57 PM
From: mishedlo  Read Replies (1) of 110194
 
From Harmy who lives down under

Federal Reserve Chairman Alan Greenspan said on Tuesday he saw no problem for now in funding the massive U.S. trade gap, but warned that rising protectionism could make the global economy less flexible.

Mish
What he is really saying is that the massive trade gap is manageable providing the US has access to foreign markets but, as we have discussed here a number of times, those foreign markets are closing to US exports precisely because of the inflexible US protectionism.
The US has the opportunity to gain access to the Australian market through the current FTA talks. Those talks have reached an impasse because the US will not modify it's current level of protectionism.
The Australian drug market alone is worth $4 billion which US drug makers are salivating over but because of the stupid protectionism given to sugar farmers and the like that market alone will remain closed.
The BSE scare has 40 or more countries banning US beef excluding the 13 EU countries - how much of that was political and how much through a genuine fear of BSE remains conjectural but you can bet that some of the bans were political.
The other side of the coin to Greenspans comment is that the massive trade gap will become, or is already, unmanageable if the export scene doesn't change quickly.
Regards
Harmy
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