The U.S. Really Does Have a Balance-of-Payments Problem
The establishment case against tariffs got a polished restatement in the Financial Times this week. It is worth examining carefully because it gets the problem wrong, gets the causation wrong, and offers wishes in place of solutions.
Harvard economist and former IMF chief economist Gita Gopinath argues that there is no real balance-of-payments emergency , that the deterioration in America’s net international investment position is largely a valuation story rather than a genuine external crisis, and that the real answers lie in fiscal consolidation in Washington and consumption-led…
Read the full article at BREITBART.COM
