Dohiyi Mir
    In Which NTodd Says His Peace

Thursday, January 08, 2004
Go to the new DM blog.


Economic Alarm Bells


NYTimes:

With its rising budget deficit and ballooning trade imbalance, the United States is running up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, according to a report released Wednesday by the International Monetary Fund.

Prepared by a team of I.M.F. economists, the report sounded a loud alarm about the shaky fiscal foundation of the United States, questioning the wisdom of the Bush administration's tax cuts and warning that large budget deficits pose "significant risks" not just for the United States but for the rest of the world.

The report warns that the United States' net financial obligations to the rest of the world could be equal to 40 percent of its total economy within a few years — "an unprecedented level of external debt for a large industrial country," according to the fund, that could play havoc with the value of the dollar and international exchange rates.

Speaking of the falling value of the dollar, check out Dollars as the World Reserve Currency.

ntodd 
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A non-violent, counter-dominant, left-liberal, possibly charismatic, quasi anarcho-libertarian Quaker's take on politics, volleyball, and other esoterica.

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