The Dollar Melts as Iraq Burns

//www.commondreams.org/views06/1204-33.htm

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The economic quagmire

The American Prospect
by Robert Kuttner

The dollar just hit a 20-month low against the Euro. It now costs over $1.33 to buy one Euro, and the dollar is falling against other currencies as well. The greenback is sinking mainly because the United States runs an immense trade deficit with the rest of the world, especially East Asia. Countries like China, Korea, and Japan have an unhealthy co-dependency with the United States. Their governments help their industries capture leadership in technologies, products, and jobs. They then sell America far more then they buy. However, their central banks happily lend those dollars back to us, so that we can finance the trade deficit and keep on buying their exports. We now owe foreigners over a trillion dollars, about half of it to central banks. Our annual trade deficit is over seven percent of one year's Gross Domestic Product, and it keeps growing. If any other country ran such a deficit, foreigners would lose confidence and its currency would crash...

//www.prospect.org/web/view-web.ww?id=12273


Informant: Thomas L. Knapp



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