February 22, 2004

Balance of Trade

John Robb's piece explains simply the tremendous risk we face as a nation as the US balance of trade deficits continue to grow. The idea that OPEC may decide to adopt Euros as the reserve currency is frightening. Warren Buffet betting against the dollar is telling.

Unless we can get this problem under control, the long term economic outlook is risky. The argument politically will be 'American job losses' but there are larger stakes to complex for the political rhetoric.

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