And the dollar is called down, by of all outfits, the IMF:
IMF warns trade gap could bring down dollar
Charlotte Denny and Larry Elliott Friday September 19, 2003 The Guardian
The International Monetary Fund yesterday warned that the colossal United States trade deficit was a noose around the neck of the economy, emphasising that the once mighty dollar could collapse at any moment. Arguing that the world's big economies were already too dependent on the willingness of American consumers to live beyond their means, the IMF said the US could not continue to run a current account deficit of 5% of GDP.
The IMF's chief economist Kenneth Rogoff said that it was just a matter of time before the gap closed, tipping the dollar into a potentially steep fall.
"If we were looking at a poor developing country, the world gives them just enough rope to hang themselves. A country like the United States, they give them enough rope to tie the noose around their neck several times. But it does happen in the end," he said.
Agreed. The big question is how long does it last. We got a date with S&P 1055 coming up soon but do we have to back track somewhat to 1020 before we get there.
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