Unbelievable comments from Federal Reserve official

[Elwood P Dowd]

Do these repukes really believe the American people are stupid and gullible enough to swallow something like this? Even if he is right about the aging populations of Japan and Europe, China and India have hundreds of millions of young slaves willing to work for pennies. Japan and Europe will just outsource the work.

NOTE: The current account deficit is not 165 billion as stated in the article. It is over 600 billion!

http://www.tradealert.us/news_item.asp?NID=1445873



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Poole pointed to the nation's "unprecedented" current account deficit, which hit a record $165 billion last year.

Traditional economic thought says that such a big trade gap would cause the dollar to plunge even more than it has.

But Poole laid out an argument that aging populations and dwindling workforces in Japan and Europe ultimately will shrink the U.S. trade deficit. As people age, they spend more and save less, Poole said, and while the developed world's number of retirees is expected to double in the next 30 years, the number of workers will increase by only 10 percent.

So retirees in Japan and Europe will cash in their investments in U.S. stocks and bonds, while the dwindling number of workers in those countries will be unable to produce enough to meet demand, he said.

"A case can be made that the current account surpluses of these countries as well as the current account deficits of the United States will be reversed in the future as these aging economies draw on their claims against the United States," Poole said

[applegrove]

1. I told you we need to know about the future. There was a reason

why Bush was not giving out his assumptions. So we will all be seeing some tough times in the near future. Good on ya George for upping the USA debt. CLAP CLAP CLAP CLAP

We were fighting fog before.

[Snap]

2. Hmmm,

Let me get this straight......
Is there an echo in here? Perhaps it's just the sound of the wind.