Word: baumohl
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...problems. In trading from Asia to Europe to Wall Street, the world's new currency heavyweight rose steadily against the U.S. dollar and delivered, for one day at least, on its promise of European prosperity by sparking market rallies in Germany and France. But TIME senior economics reporter Bernard Baumohl says Europe's new union faces some rocky days ahead...
...polls are to be believed, the American public says the President should not be impeached. Now you can add Wall Street to the anti-impeachment column. "The market hates uncertainty," says TIME economics reporter Bernard Baumohl. "And anything as grave as an impeachment can be expected to usher in a period of volatility for stocks...
Investors know that an impeachment vote and subsequent Senate trial "would cripple Washington for the foreseeable future," says Baumohl. Pressing issues such as Social Security would have to be put on the back burner, which could scare off investors from pumping money into the market -- and that's not even taking into account the volatile Iraqi situation. Even a sudden resignation by Clinton to end the crisis would not necessarily bring relief. "Gore remains an unknown quantity as a president," says Baumohl, and investors would be likely to adopt a wait-and-see attitude. Even on matters of impeachment...
...third-quarter trade deficit, to a record $61.3 billion -- a direct result of the Asian crisis that has left imports even cheaper while drying up the market for U.S. exports. "The booming trade deficit hurts the U.S. economy, but we have no alternative," says TIME senior business writer Bernard Baumohl. "The only way we can help Asia, and the world economy, rebound is to keep on importing their goods...
...problem is that the U.S. deficit is maintained by borrowing. "It can't be sustained in the long term because at some point foreign lenders will expect higher interest rates to keep on financing it," says Baumohl. "That would mean a slowdown of the U.S. economy." Unless Asia begins to recover, rising deficits will also amplify calls for protectionism in the U.S. And that, says Baumohl, "would set the world economy on the path toward another global depression...