On Tue, 25 Jul 2000, Daniel Davies wrote:
> PS: regarding the new economy and its affect of the US trade balance;
> I said it seemed unlikely to me
It seems the most likely, if somewhat inadvertant savior (of the US economy from the burden of current account and savings adjustment) now on the horizon is Bush's 1.3 trillion dollar tax cut, which would drastically reduce the budget surpluses at roughly the right time to smooth the transition. Assuming anything follows any laws anymore, of course. (Is there a latin phrase for that? It's becoming a more common qualification in economics than certeris paribus.)
Michael
__________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com