The Wall Street Journal isn't worried about the US current account deficit, which was 805 billion last year and is expected to reach one trillion USD's this year. The standard argument of conservative hopefuls is that the overhang doesn't represent any danger so long as the dollar is the reserve currency and foreign confidence in the US economy remains high.
Richard Wolff spent most of his time at the Bubble panel at Leftforum last weekend insisting that the current account deficit is a ticking time bomb. -- www.marxmail.org
