From: Allin Cottrell (cottrell@wfu.edu)
Date: Sat Sep 18 2004 - 20:52:13 EDT
On Sat, 18 Sep 2004, Gerald A. Levy wrote: > For the benefit of listmembers who aren't up on children's stories, > "Chicken Little" was an alarmist chicken who was hit on the head by > an acorn and came to the conclusion that the sky is falling! More > generally, "Chicken Littles" might be viewed as those who > erroneously warn of impending disasters. Thanks, Jerry, for the clarification. In this case the possibly (or possibly not) impending disaster is the unravelling of the US deficit on current account. It seems that the C.L.s may have a point (even if Catherine Mann has abandoned their ranks). The US current account balance hit its last major low under Reagan, in 1985-87. The current deficit under Bush is about 50% greater, in proportion to US GDP, than that earlier figure. One does wonder how long the other capitalist powers will be willing to lend Americans the money to buy German and Japanese SUVs and the fuel to run them. Allin Cottrell
This archive was generated by hypermail 2.1.5 : Mon Sep 20 2004 - 00:00:03 EDT