Word: bergsten
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...been all but relentless. Its value has increased 105% in relation to the French franc, 53% against the West German mark and 50% against the British pound. Now America's currency is about 25% too strong for its own good, according to such experts as C. Fred Bergsten, director of the Institute for International Economics in Washington, and Otto Eckstein, chairman of Massachusetts-based Data Resources...
Because the American steel industry has been shielded from competition, companies that buy its product pay artificially high prices. That is one reason, economists point out, for the auto industry's troubles, since it is one of the heaviest steel users. Says C. Fred Bergsten, director of the Institute for International Economics in Washington: "In the long run, jobs saved by protection of one industry tend to be offset by the loss of jobs in other industries." In the short run, protectionism is a big contributor to inflation...
...fact, so-called real interest rates which reflect the cost of borrowing minus inflation, have actually increased slightly during the period because inflation has fallen faster than interest rates. Says C. Fred Bergsten, director of the Washington-based Institute for International Economics: "Interest rates must drop by two more points. It is critical for the U.S. and world recovery...
...denies that the strong dollar is stunting growth in the U.S. Nearly one-sixth of the economy depends on exports. It is estimated that each $10 billion in the trade deficit increases the jobless rate by .7%, or more than 500,000 people. C. Fred Bergsten, director of Washington's Institute for International Economics, believes that "the trade deficit is the biggest single factor pushing the economy down." Building new trade barriers, however, would only sap the economy further by propping up sickly industries, raising prices for consumers and inviting reprisals from other countries...
...already hard hit. Since January steel shipments from West Germany, Japan and other competitors have jumped 45%. Foreign companies have now captured 17.5% of the American steel market. .Other industries expected to be hurt by rising imports include autos, apparel, machine tools and consumer electronics. Former Treasury Official Bergsten fears that unless the dollar weakens, up to 1 million Americans will lose their jobs...