Word: bergsten
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...When you look at what the Administration is doing compared with what it's saying, you've got to ask, 'Where's the beef?' " says C. Fred Bergsten, director of the Institute for International Economics in Washington. "There's a pattern here: the right policies keep coming up short because they're so woefully underfunded...
...many respects, the erosion of the yen is driven by emotion rather than reality, since Japan's economy is still growing at a robust rate of about 4.5%. "It's really psychology, running in just the opposite direction of the underlying economic forces," says C. Fred Bergsten, director of Washington's Institute for International Economics. To prop up the yen, the Bank of Japan first tried intervening in foreign-exchange markets, spending $10 billion, or 17% of the country's currency reserves, to buy yen and dump dollars. Since that proved futile, the central bank last week boosted...
...being foiled for the most ironic of reasons: the U.S.'s mismanagement of its own economy. Under the arch- Republican Ronald Reagan, the U.S. spent so much more than it collected in revenues that it became the world's No. 1 debtor. Says C. Fred Bergsten, the director of the Institute for International Economics in Washington: "The richest country in the world is competing with the poorest for the pool of available capital. American indebtedness tends to drive up U.S. interest rates, which in turn drives up the cost of loans to other nations, which threatens to wipe...
...senior vice president of United Technologies, an automotive supplier: "Back in 1980 and 1981, we had to shut down 25 plants because of excess capacity in the auto industry. We said to ourselves, 'We're not going to face this again.' " That attitude is to be expected, says Fred Bergsten, director of the Institute for International Economics: "A reluctance to invest in new capacity is a natural reaction to years of meager profits...
...quarterly Foreign Affairs, Harvard Economist Martin Feldstein, a former chairman of President Reagan's Council of Economic Advisers, estimates that during the 1990s the U.S. will need to generate $60 billion annually just to repay the interest and principle on its burgeoning foreign debt. According to Washington Economist Bergsten, the pressure will thus be on to create a $200 billion improvement in the American trade balance. That is liable to add to the considerable trade ferment on Capitol Hill. As Senate Majority Leader Robert Byrd puts it, "It is time to make more pragmatic use of our leverage...