Tuesday, April 04, 2006

Tuesday April 4, 2006 Doesn't sound good.

Something to look forward to.

“Willem Buiter, a monetary astronomer at Goldman Sachs, comments:
“‘With the US trade gap in October 2005 widening to a new record U.S. $68.9 Billion, the US current account deficit is unsustainable. Its correction will require a large depreciation of the real effective US Dollar exchange rate, on reasonable estimates by no less than 30%, and quite possibly by more.’"

I guess it's no surprise. What happened to the tax surplus a few years ago? Who got all the money? From the sounds of Goldman Sachs, we are all going to end up paying for excesses of the last few years with money that is worth less.

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