Time to sell dollars with bonds

Current account deficits matter -- even for the US. They need financing. They need other peoples' savings. In the case of the US, that need is around $1.5 billion a day and will rise as the US economy outgrows the rest of the world. It is one thing to buy dollars on a higher relative US rate of growth. This notion drove the dollar higher from August 1996 to 2001. But what explained upward dollar movement in one period may not in another.

The US can now no longer take funding for the current

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