Snow says US can't curb imbalances on its own

http://feeds.bignewsnetwork.com/redir.php?jid=72e592c0e858bc99&cat=c08dd24cec417021

WASHINGTON (Reuters) - U.S. Treasury Secretary John Snow said on Saturday the United States couldn't tackle global imbalances by itself and indicated it didn't want to be pulled into big finger-pointing discussions on the issue.

Speaking to the International Monetary Fund, Snow repeated the U.S. position that ratcheting down big imbalances in trade and capital flows "cannot be anything other than a shared responsibility" because no one country caused them.

"The United States, by itself, cannot and should not be expected to resolve the problem, but we, like other major participants in the global economy have an important role to play," Snow said. "However, the United States does not have a specific current account target in mind."


The United States' huge deficits on current account -- the broadest gauge of trade in goods, services and capital -- exceed 6 percent of total national output and have attracted critical attention from the IMF and from other governments.

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The party is coming to an End and Snow knows it...

We even beat CHINA, a country with 6 times the number of people as the US! Snow is pointing fingers and saying, 'don't be playing the pointing fingers game'.

Question: Why does it seem that EVERYONE who serves under Dick Cheney, I mean Bush, acts like a stupid moran?

Starts with a -U ends with a -S. Give up? U.S.

The US IS responsible for its own financial chaos, and the US WILL clean up its own messes.

Screw him. He seems to feel the rest of the world is somehow responsible, and needs to help out? I'd like to help him....out.

with the world when they went into Iraq and they are still trying - via Bolton - to destroy the UN. Snow is just another of the liars.

This also sounds like a case in which the junkie created the pusher. If Snow, the Secretary of Streetwalking, were serious about his claims then he would have offered a syllable of criticism againt Bush's economic policies years ago.

http://today.reuters.co.uk/news/newsArticle.aspx?type=businessNews&storyID=2006-04-22T005640Z_01_N21259364_RTRUKOC_0_UK-GROUP.xml

<snip>

"We underscored that global economic adjustment is a shared responsibility," the communiqué stated -- a phrase the United States favours to back its claim that G7 partners in Europe and Japan must spur growth and encourage more domestic consumption to help U.S. exports.

A European source said global finance chiefs at an earlier meeting on Friday wrestled with ways to prevent a tumble in the dollar should they fail to find a way to restore balance to flows of capital and trade.

Participants at the IMF-convened meeting on imbalances were told they should at least prepare for a situation that could include a dollar fall.

"It's probable we will have a slowdown in the U.S. economy, a cooling of the real estate market, a decline in consumer spending -- and so the dollar could depreciate," a source told Reuters, summarising views expressed at the morning meeting.

"Countries should be ready for that," the source added.

<snip>

The G7 meeting took place on the fringes of semi-annual meetings of the World Bank and the IMF, whose leader Rodrigo Rato pushed for a larger IMF role as an arbiter of economic policy to try to help unwind dangerous trade imbalances.

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Welcome to DU!! :toast:

Snowflake is a scam artist.