America’s persistent failure to live within its means has been a major reason for the current global imbalances
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Meanwhile, persistent global imbalances will continue to produce anxiety, especially for those whose lives depend on exchange rates. Though Bush has long sought to blame the others, it is quite clear that America’s unbridled consumption and inability to live within its means is the major cause of these imbalances. Unless that changes, global imbalances will continue to be a source of global instability, regardless of what China or Europe are doing. In light of all of these uncertainties, the real mystery is how risk premiums can really remain as low as they are. Especially given the sharp brake on growth in global liquidity as central banks have been raising interest rates in tandem, the prospect of risk premiums returning to more normal levels is itself one of the major risks the world faces today.
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Source : IIPM Editorial, 2007
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