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[Grasping Reality with Both Hands: Brad DeLong's Semi-Daily Journal] CHALLENGING CONVENTIONAL ECONOMIC WISDOM: Conventional wisdom suggests that the deficits are too high, personal savings rates are too low, federal government spending is out of control, and too much of our debt is held by foreign governments. But do we know with any confidence when these imbalances become unsustainable?

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President.harvard.eduhttp://www.president.harvard.edu [President.harvard.edu] Reflections on Global Account Imbalances and Emerging Markets ...: To be sure the United States should be viewed differently from an emerging market and so there has been a certain amount of complacent commentary - commentary that has gained in strength as the U.S. current account deficit has continued without evident ill effect. In general, my view thinking about past experience with tech stocks in the United States or with the Japanese stock market or with a range of emerging market situations is that the moment of maximum risk comes precisely when those concerned about sustainability lose confidence in their views as their warnings prove to have been premature and when rationalizations come to the forefront.

http://www.rgemonitor.com [Rgemonitor.com] RGE - Nouriel Roubini's Blog Archive 2004-10: Steve Roach, chief economist at Morgan Stanley, correctly pointed out this week that the global current account imbalances are unsustainable and cited, in that context, my paper with Brad on the US current account deficit as providing the "best forecasts" of the future trends in the US current account. He also agrees with our view that the "Bretton Woods II" new regime of fixed exchange rates (the dollar axis between US and Asia) is not sustainable.

http://www.atypon-link.com [Atypon-link.com] A Review of Peter Isard’s Globalization and the International ...: tems, and unsustainable debts; he is skeptical ... Eichengreen: A Review of Globalization and the International Financial System ...

http://newleftreview.org [Newleftreview.org] New Left Review - Andrew Glyn: Imbalances of the Global Economy: Maurice Obstfeld and Kenneth Rogoff, ”˜The Unsustainable us Current . Calculated from the imf International Financial Statistics series for .

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