U.S. needs your money

Uh oh. Kevin suggests that it’s Christmas time and Uncle George and Co. are running up the credit card without wondering how we’re going to pay it back. Let’s hope we don’t have to have it cut at the counter…

U.S. needs your money Funding the US’s massive current account deficit (running at 5 per cent of gross domestic product) requires some $1.5bn of foreign capital every day…In simple terms we are spending more than we take in, and our bankers, the people who buy our debt, are showing that they have less confidence in us. This means the same to this country that it does to your household. Bad news.

[via Kevin Jones’ Blog]