Word: moneymen
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...markets also shrugged off a statement issued by the White House. Its major point: "The United States wants to see stability in the dollar." Despite such jawboning, the world's moneymen seem convinced that the dollar cannot strengthen as long as the U.S. trade deficit, estimated at a record $175 billion in 1987, keeps rising. Says Japanese Finance Minister Kiichi Miyazawa: "There may be a feeling that one cannot quite believe that the U.S. trade balance is really going to improve...
...Moneymen around the world were yearning to look on the bright side, and it was high time. After weeks of gloom and stress since the Black Monday crash of Oct. 19, the financial markets needed only to see a few rays of hope to justify a rally. But everyone was looking for encouraging signals from the one place in particular, the U.S., that lately has been unable to deliver. . Investors and foreign leaders watched with increasing impatience last week as they waited for America to come across with some evidence of progress in solving its economic problems...
...painful. Lowering the trade deficit will take years, and will probably require a cut in American consumption -- meaning, in other words, at least a temporary reduction in the standard of living. Many economists think the dollar will have to fall further too, reluctant as both U.S. and foreign moneymen are to see that happen. The reluctance is understandable. Unless a decline is carefully managed, it will raise two dangers: a renewal of inflation and a panic flight of foreign capital from the U.S. (since foreigners would not be eager to hold dollar- denominated investments that shrank in value against their...
...rampant federal borrowing and consumer buying of imports have contributed to the biggest cliff-hanger of all, the U.S. foreign-trade deficit. That imbalance between exports and imports, which reached a record $170 billion last year, prompts jitters among foreign moneymen, many of whom feel that too much of their trade surpluses are tied up in dollars and U.S. Treasury securities. Says Economist John Kenneth Galbraith: "The danger is that we have accumulated under the Reagan Administration such enormous overseas obligations that these could, if liquidated, create a very, very nasty run on the dollar and also a nasty collapse...
...might succumb to "muscle" from the White House to stimulate the economy with an easy-money policy as the 1988 elections drew near. Greenspan responded that he "obviously would reject" any such pressure and declared the Fed's political independence to be "terribly critical." He has little choice, moneymen say. "His life will be very difficult if he is perceived as someone who will play politics. He has got to impress ((central bankers)) abroad, and the way to do that is by being a tough guy," says John Makin, director of fiscal policy studies at the American Enterprise Institute...