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On Tue, 6 Jun 2000, Rakesh Bhandari wrote:
> Paul C wrote:
> >The point is that from the standpoint of the US economy the value of its
> >inputs is determined by the amount of its labour that it has to give up
> >in order to produce the exports required to obtain an import.
> The US as reserve center does not have to give up anything for imports; it
> gets them through the accumulation of an inflationary surplus of dollars
Trade deficits and surpluses complicate the matter, but it's
absurd to suggest that the US runs (or would be able to run) a
deficit equal to the value of imports.
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