Word: tradings
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Dates: during 1980-1989
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Declaring, "no country can run a trade deficit forever," MIT economist Lester Thurow yesterday said Americans will suffer a sharp reduction in their standard of living due to the recent economic crisis...
...money," Thurow said, adding that when when they stop payments, "Toyotas will be priced like Mercedes. Mercedes will be priced like Lamborghinis, and Lamborghinis will be priced like an MX missle." A declining dollar will make it impossible for Americans to continue importing goods, and thus end the trade deficit, he said...
...Remember Bangledesh has no problem with trade deficits, only their workers earn, in terms of the American dollar, 20 cents a day," the economist told an audience of executives at a computer conference at the Charles Hotel. He predicted an American shrinkage in standard of living, of about 8 or 9 percent...
While painting this bleak picture of the American economy, Thurow said last week's stock market crash was a symptom of the underlying instability produced by our trade deficit. He said the stock market was overvalued, and crashed because of government policies designed to hold off a worldwide economic collapse...
Likewise, the MIT economist said that recent efforts by Congress and the President to balance the budget, without addressing trade imbalances, are economic palliatives which will further endanger the economy...