能男华经降贸多大星 高级商务英语阅读 These imports would be seen by the optimists as evidence that the deficit didn't matter because it was adding to the nation's productive capacity.As the Keynesians say,it merely shows that investment exceeds savings.This view only demonstrates that they are oblivious to the fact that investment in excess of savings is just another way of saying that the country is suffering from inflation. Therefore,what the optimists call evidence of a healthy demand for capital goods is really a symptom of an inflationary process. So is the US deficit a symptom of a loose monetary policy that is misdirecting production or a sign of healthy economic growth?At this point I think we should let the monetary facts speak for themselves. Using the Austrian definition of the money supply,from January 2001 to March 2004 money supply increased by more than 22 per cent,an annual average increase of over 7 per cent. The problem,therefore,is not foreign debt or trade deficits but a loose monetary policy,a policy that is laying the foundations for another recession. (2) The U.S.Trade Deficit and Jobs:The Real Story Free Trade Bulletin No.3 February,2003 by Dan Griswold,associate director,Center for Trade Policy Studies,Cato Institute On February 20,2003,the U.S.Department of Commerce reported that the U.S.trade deficit reached a new record in 2002.For the calendar year,imports of goods into the United States exceeded exports by $484.4 billion.When that figure is combined with an overall surplus in services of $49.1 billion,the 2002 deficit in goods and services was $435.2 billion,the largest in U.S.history.If the past is any guide,the record deficit will be misused by opponents of free trade to 第3页共7页高级商务英语阅读 These imports would be seen by the optimists as evidence that the deficit didn't matter because it was adding to the nation's productive capacity. As the Keynesians say, it merely shows that investment exceeds savings. This view only demonstrates that they are oblivious to the fact that investment in excess of savings is just another way of saying that the country is suffering from inflation. Therefore, what the optimists call evidence of a healthy demand for capital goods is really a symptom of an inflationary process. So is the US deficit a symptom of a loose monetary policy that is misdirecting production or a sign of healthy economic growth? At this point I think we should let the monetary facts speak for themselves. Using the Austrian definition of the money supply, from January 2001 to March 2004 money supply increased by more than 22 per cent, an annual average increase of over 7 per cent. The problem, therefore, is not foreign debt or trade deficits but a loose monetary policy, a policy that is laying the foundations for another recession. (2) The U.S. Trade Deficit and Jobs: The Real Story Free Trade Bulletin No. 3 February, 2003 by Dan Griswold, associate director, Center for Trade Policy Studies, Cato Institute On February 20, 2003, the U.S. Department of Commerce reported that the U.S. trade deficit reached a new record in 2002. For the calendar year, imports of goods into the United States exceeded exports by $484.4 billion. When that figure is combined with an overall surplus in services of $49.1 billion, the 2002 deficit in goods and services was $435.2 billion, the largest in U.S. history. If the past is any guide, the record deficit will be misused by opponents of free trade to 第 3 页 共 7 页