The wolf at the door
http://www.economist.com/finance/displayStory.cfm?story_id=3329902
Oct 28th 2004
From The Economist print edition
MOST economists, and this newspaper, have been fretting about
America's huge current-account deficit and predicting the dollar's
sharp decline for years. The trouble with crying wolf too often is
that people stop believing you. After slipping 14% in broad
trade-weighted terms since 2002, the dollar had stabilised this year,
even as the current-account deficit continued to grow. This has
encouraged some economists to offer theories explaining why America's
current-account deficit does not matter and why the dollar need not
fall further. But the dollar has now started to slide again: this week
it hit $1.28 against the euro, within a whisker of its all-time low of
$1.29. Trust us, the wolf is real.
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