From the International Herald Tribune Sat 16 Sept by Floyd Norris, New York Times Service:
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"Euro Zone's Major Flaw"
Mr Duisenberg never expected anything like the current situation, in which the United States can run an unprecedented current-account deficit - now at 4.3 percent of gross domestic product, or more than $1 billion a day, while the dollar rises.
"In the long run, such a deficit is unsustainable ..." But for now, he added, "the American have no difficulty in having that deficit financed, basically by us, Europe."
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This is a real transfer of exchange value and of use value, of wealth.
That sounds like per year about $1000 for every man, woman, and child in the USA.
Do I hear murmers of "Thank you"?
Chris Burford
London