How will the US service its debt?

[Enrique Diaz-Alvarez]

The trade deficit hit another record. This is not surprising, given that
US households are giving the finger to Al and continuing their debt
binge. What was more surprising is that US exports actually shrunk, in
spite of the recovering world economy. It appears that, while moving
financial assets around and designing cool branding campaigns may be
lots of fun, it is hard to get exports out of them, as most of the world
still wants (gasp) things.

On the other hand, the euro hit another low. Duisenberg's apparent goal
of turning Europe into an export-oriented, low-wage labor reservoir for
US stock traders and brand designers is well on track.

--
Enrique Diaz-Alvarez            Office # (607) 255 5034
Electrical Engineering          Home #   (607) 272 4808
112 Phillips Hall               Fax #    (607) 255 4565
Cornell University              mailto:enrique at ee.cornell.edu
Ithaca, NY 14853                http://peta.ee.cornell.edu/~enrique