He told me that Nebraska has 4.5% unemployment and a half-billion dollar state surplus.
That might help to boost demand for imports, narrowing China's multibillion-dollar trade surplus with the United States, a chronic source of tension.
If all of the above was implemented and we focused on producing a 500 Billion dollar annual surplus to be applied to debt reduction we might have a chance.
Each dollar of that unified surplus can be used only once -- for cutting taxes, increasing spending, or buying down the debt.
It expects China's current-account surplus to double in dollar terms between 2010 and 2014.
If the cheap dollar has mostly caused the global cash surplus, then the endgame is not a happy one.
The lagged effect of higher oil prices and yen strength will further reduce the Japanese current-account surplus and ultimately trigger a violent dollar rally against the yen.
Aside from low inflation, the country is enjoying a sound dollar, rising corporate earnings, a federal budget surplus, full employment and no serious threats to our international hegemony.
Demand for raw materials and the related trade surplus, a surge in the Australian dollar and increase in interest rates are twisting the economy, strengthening western mining regions while undercutting tourism and nonmining industries.
But is not a stronger yen and a weaker dollar just what is needed to reduce Japan's large current-account surplus and America's current-account deficit?
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In addition, the lower the interest rate, the lower the US dollar and the more likely the US is to move towards running an export surplus.
Paul Cavey at Macquarie has pencilled in a rate of 5.8 yuan to the dollar for 2013, for example, when he expects the current-account surplus to be 3.6% of GDP.
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Surely, the surplus of dollars in the system will devalue the U.S. dollar.
However, wages are held back by a large pool of surplus labour, and China's partially convertible currency is pegged to the dollar.
Import prices for miscellaneous manufactured articles, from which China derives the bulk of its trade surplus with the U.S., are still declining, despite the weaker dollar.
In fact, such has been the scale of capital inflows into the American economy in recent years a capital surplus is the necessary and automatic corollary of a current deficit that the dollar could easily fall even without outflows.
The Australian trade surplus unexpectedly slipped during July possibly hinting at weakening overseas demand and further blunting demand for the local dollar.
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