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Did You Hear the One About the Trade Deficit?

Date: February 15, 2006
Author: Steven Pearlstein
QUOTE: a deficit that large would in be treated in most other countries like the economic equivalent of Defcon 3...PhDs framed their analysis not as consumption exceeding production (the so-called current account deficit), but as a consequence of cheap foreign capital financing our profligacy (the capital account surplus, which by definition is its mirror image).

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