The U.S. Trade Deficit Isn’t Caused by Low American Savings
Editor’s note: Professor Pettis rebuts the recent, disappointingly bad, article by Joe Stiglitz. Also, on the core of trade deficit causation, Pettis again clarifies how our deficits originate in trade surplus countries – through their practices – and are transmitted here.Economist Joseph Stiglitz recently published an interesting piece in Project Syndicate called “The US is at Risk of Losing…