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To: Tom Smith who wrote (160891)	4/18/2002 11:07:23 PM
From: Tom Smith	Read Replies (2) \| Respond to of 436258

For a US economy that has moved into only the very early stages of recovery, the sharp recent widening of the trade deficit is a mere warning shot of what lies ahead. With the import content of US domestic demand so high, the more sustainable this recovery, the more serious the current-account financing problem is likely to become. That remains a key tension point for the global economy, suggesting that something big has to give. That’s what global decoupling is all about. morganstanley.com