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Published in:
2007 | OriginalPaper | Chapter
The Declining Dollar, global Economic Growth, and Macro Stability
Author : Paul Davidson
Published in: Interpreting Keynes for the 21st Century
Publisher: Palgrave Macmillan UK
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A headline on the front page of the New York Times (January 13, 2005) stated, “U.S. Trade Deficit Rises to a New High; More Risk to the Dollar”. Since then The Times has reported that in January and February 2005, the monthly U.S. trade deficit was approximately $60 billion each month. In other words, Americans spent $60 billion more on imports than they earned by selling exports to foreigners. The January 2005 New York Times article noted that record trade deficit figures “confounded predictions that the deficit would diminish with the weakening of the dollar”.