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This isn t just a matter of one academic writing one article. Mr. Austin s analysis builds off work by the economist Michael Pettis and, notably, by the former Federal Reserve chairman Ben S. Bernanke. dior taschen online shop dior taschen online shop Note that as long as the dollar is the reserve currency, America s trade deficit can worsen even when we re not directly in on the trade. Suppose South Korea runs a surplus with Brazil. By storing its surplus export revenues in Treasury bonds, South Korea nudges up the relative value of the dollar against our competitors currencies, and our trade deficit increases, even though the original transaction had nothing to do with the United States. dior taschen online shop dior taschen online shop dior taschen online shop dior taschen online shop
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