He also highlighted deeper problems, such as trading imbalances, with some countries running current account surpluses and others running deficits.
Others, such as Ronald McKinnon of Stanford University, think that American profligacy has trapped East Asia into running current-account surpluses.
Many developing countries are running current-account surpluses, in order to be less dependent on foreign capital than they were a decade ago.
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Countries that are running current-account surpluses, mainly in the north, must help, by avoiding overzealous belt-tightening and introducing reforms to encourage private spending.
But America and Britain have done the opposite, running current-account deficits so that central banks in Asia and the Middle East have accumulated claims on them instead.
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Even where troubled euro-zone countries had not been profligate, they have been running unsustainable current-account deficits.
Most have abandoned their old exchange-rate pegs, are running large current-account surpluses, and have built up ample foreign-exchange reserves.
In contrast, both Japan and the European countries that are adopting a single currency next year are running significant current-account surpluses.
Other critics of the Japanese meltdown theory suggest the country will only be in danger when it starts running a current-account deficit.
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And, unlike America, they are not running a current account deficit with the rest of the world: they are paying their way in the global economy.
The primary cause for this difference in debt-holding is that the US has been running a current account deficit for years, while Japan has historically always exported more than it imports.
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But as Mark Williams of Capital Economics says, central to Keynes's idea was that a tax be imposed on countries running large current-account surpluses, to encourage them to boost domestic demand.
One of the reasons investors have lost confidence in some Asian currencies is that many countries are running big current-account deficits in other words, they are investing more than they are saving at home.
Thailand, whose whopping current-account deficit helped trigger the turmoil, is now running a monthly current-account surplus.
Much the same thing was happening in the U.S. While Robert Triffin was wailing about the supposedly inevitable and horribly destructive U.S. current account deficit, the U.S. was actually running a persistent current account surplus.
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The latch works by running an electrical current down a signal wire, through two switches.
Hydrolysis--running an electric current through water to produce hydrogen--yields fuel that is usually not economically competitive with other forms of energy.
They have freed their exchange rates, avoided a dependence on short-term capital flows and steered clear of running up massive current-account deficits.
Karzai is running for re-election and has announced two running mates: current Vice President Kamil Khallili and a controversial former warlord, Mohamed Fahim.
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If current running backs and their agents are wise, they better continue to adapt and re-tool the skill set, or at least lower their financial expectations.
They would make sure that the servers are running the most current versions of Microsoft Windows, or Linux, or whatever I need to make my applications run.
The coil is suspended in an external magnetic field and the current running through it adjusted so that the attraction between the two magnets balances the gravitational force on the suspended mass.
Anodizing involves dipping the aluminum into a bath of chemicals and running an electric current through it, which helps to protect the metal against corrosion and makes it easier to adhere color.
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Ireland has been running a small current-account surplus and deficits have generally fallen (though they remain very high in Cyprus and Greece) but they would be far worse if the peripheral economies were not so depressed, which has slashed demand for imports.
I'm not quite sure what happens to the Westminster Hall debates scheduled for Wednesday - the current running order starts at 9.30am with Labour's Fabian Hamilton leading a debate on the role of local bus services in supporting young people in employment, education and training in Yorkshire and Humber, with four more debates to follow.
People shall know this is the way how current CEO running the business.
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The team started in Inverness on Tuesday and arrived back in Dumfries after running to all the current Scottish Police Headquarters.
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For those patients, this drug could be "a potential lifesaver, " says John Kastelein, a professor of medicine at the University of Amsterdam who is running Isis's current trials.
The poll asked players who they favored among the current candidates running for president, what they consider the most important issues facing the United States and their political identification.
Or, if you want an expert to guide you, and the current is running strong that day, you can be pulled by one of the dive staff such as the knowledgeable, affable Trina to a coral and fish dense spot.
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