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To: Perspective who wrote (60326)	11/24/2002 9:48:01 AM
From: Moominoid	Respond to of 209892

Right on....

To: Perspective who wrote (60326)	11/24/2002 5:20:44 PM
From: NOW	Respond to of 209892

Remarks by Governor Donald L. Kohn At the 12th Frankfurt European Banking Congress, Frankfurt, Germany November 22, 2002 The U.S. Current Account Deficit It is hard to imagine that present trends in this global imbalance can continue indefinitely. U.S. assets are occupying a growing share of global portfolios. At some point, reflecting both the decline of marginal returns as resources shift toward stocks of U.S. capital and other durable assets and the inevitable flagging in the willingness of investors to place an ever-increasing share of their portfolios in dollar-denominated assets, the net flow of saving to the United States will taper off. As that happens, the level of U.S. spending on foreign goods and services will have to begin to match more closely the level of foreign spending on U.S. goods and services. The deficit country--the United States--will need to generate more net domestic savings, perhaps through tighter government budgets, as it absorbs a greater share of global demand if it is to avoid inflation pressures and much higher real interest rates that damp investment and growth. federalreserve.gov