On Thu, 9 Sep 1999, Fred B. Moseley wrote:
> [I]n the present circumstances, I think it is ... likely
> that a US recession will occur because of the continuing
> crisis in the rest of the world, which will continue to
> increase the US current account deficit, which will
> eventually cause a significant devaluation of the dollar,
> etc....
It's plausible that if aggregate demand remains sluggish in the
rest of the world, this may spill over into a reduction of the
rapid growth seen in the US over recent years. But surely a
devaluation of the dollar would mitigate, and not accelerate,
that effect.
Allin Cottrell.
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