U.S. living beyond means, Dodge warns
http://www.cbc.ca/story/business/national/2005/05/30/dodge-warning050530.htmlLast Updated Mon, 30 May 2005 13:11:23 EDT
CBC News
OTTAWA - Bank of Canada governor David Dodge offered a bankerly rebuke to the United States on Monday for its borrow-and-spendthrift ways, which he suggested are a threat to world economic stability.
Less directly, he chided nations such as China for rigging their currencies to boost exports while building up larger and larger foreign-exchange reserves, creating a lopsided world in which Asian savings finance U.S. spending.
In the text of a speech to be given at a Montreal conference, the central bank chief warned of "large, global economic imbalances that have become the subject of increasing concern" to policy-makers.
"I am referring, of course, to the persistent and growing current account deficit in the United States that is mirrored by large current account surpluses elsewhere, especially in Asia."I REALLY hope we can get our move back to Japan all organized and finalized before the house of cards collapses.... It will be rough riding it out over there too, but at least we'll have freaking health care...
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