Doug to FT: Eye popping

Carl Remick carlremick at
Sat May 5 13:48:18 PDT 2001

>From: Michael Pollak <mpollak at>
>Financial Times, May 1, 200
>LETTERS TO THE EDITOR: An eye-popping propensity to consume
>From Mr Doug Henwood.
>Non-rich Americans have spent all their income and then
>some, thanks to vigorous borrowing.

When, I wonder, will this take a toll of American currency? In view of the US current accounts deficit, doesn't the Fed's lowering of interest rates pose a serious risk to the dollar?

Also, while it's a mistake to assume other nations will put their money where their mouth is, couldn't the rising level of global anti-American sentiment (e.g., the US's eviction from the UN Human Rights Commission) portend waning international interest in subsidizing profligate US consumption, even if the US is hallowed as the key engine of the world economy?

Carl _________________________________________________________________ Get your FREE download of MSN Explorer at

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