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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (60353)5/22/1999 6:08:00 PM
From: Freedom Fighter  Read Replies (2) of 132070
 
Mike,

>>a nonsensical article about the trade deficit, claiming we are
really buying from ourselves. <<

I've thought about that issue a bit. I don't dismiss it as readily as you because I think it's better than if the whole thing was foreign. Of course I could be wrong as I'm out of my element. At least this way U.S. owners are sharing in the profits of U.S. foreign subsidiaries.

I've also heard the argument that we are not counting exports properly.

Then there's the fact that illegal drug imports are not counted.

Finally, as always you have to remember that the government is doing the counting and it's an exceedingly tough task.

I like to try to keep up on the foreign holdings of U.S. treauries, stocks, other financial assets, and other direct investment vs. U.S. holdings of foreign stuff. It is probably easier to track.

That makes it clear there is a very big current account deficit. We are in hock up to our eyeballs.

Wayne
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