Day of Reckoning

Dire IMF warning clouds gather over the US economy like buzzards in the Iraq desert. But is anyone in the Bush regime listening?

The US's enormous current account deficit, now worth almost 7 per cent of its GDP, will have to be unwound eventually: like anyone living beyond their means, it will have to have a day of reckoning. The IMF warned again last week that without co-ordinated action to bring the value of the dollar down smoothly, and boost growth in Europe and Asia to compensate for slower growth in the US, there is an increased chance that the imbalances unwind suddenly, leading to a devastating global downturn. Do we need an IMF? Yes, but not this one


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