"Mr Snow made it clear that he saw slow European growth as a big part of the problem, driving up deficits by making the US the importer of last resort"
It's getting so officials can say anything without being challenged or criticised.
He's saying Europe should be taking a larger share of Asian exports. So the US can take less and therefore not have such a huge trade deficit???????????
This is from the country which has fostered the market economy and free trade??
The truth is, in market speak, Europe has a less developed market for imports from outside of the EC. America has an overdeveloped market for such imports, funded previously by printing money, as long as the world would accept it.
What happens now that American money is losing its value? Will the market for imports in the US dry up?
