The Bush Administration: The model of financial responsibility....

The United States is running up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, according to a report released Jan 6. by the IMF, noting the rising U.S. budget deficit and ballooning trade imbalance. The report warns that the United States' net financial obligations to the rest of the world could be equal to 40 percent of its total economy within a few years-"an unprecedented level of external debt for a large industrial country," according to the fund, that could play havoc with the value of the dollar and international exchange rates.

(From the Global Development Briefing for January 8, 2004-- Published by The Development Executive Group)