Dollar crisis? Think again
For months, Bank of America has been arguing for the long-term sustainability of the US current account deficits, and the intellectual and analytical fallacy of using the twin deficits argument to punish the US dollar.
We stressed the structural aspects of the deficits, which should not be mixed with the cyclical facets, to argue for a weaker dollar. We seemed to stand alone.
However, our view is now gaining support among academics and some of our competitors. A recent National Bureau of
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