In that larger bloc, the exact same dynamic of surplus and deficit nations is playing out within an inflexible monetary straightjacket.
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Both surplus and deficit countries would benefit if there was a more balanced program in which the surplus countries were focused on internal demand, there was a more market-based approach to the currencies, and the deficit countries thereby were able to export more -- and that would also make it easier for them to deal with their unemployment issues.
WHITEHOUSE: President Obama and President Yudhoyono Press Availability | The White House
They were ideas like privatizing Social Security, like moving back from a balanced budget and a surplus to deficit and debt.
This rebalancing is still a work in progress, but everybody is on record now saying surplus countries and deficit countries both have to be mindful of their policies and think about the adjustments that they need so that we can sustain economic growth and keep our borders open to goods and services over the long term.
This internal adjustment might involve inflation in surplus countries and deflation in deficit countries.
Just a few years later the surplus was gone and the deficit was 200 BUSD plus.
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Table 1 below shows Federal Tax Revenues, Federal Expenditures and the Budget Surplus or Deficit from 1993 (the first year of the Clinton Presidency) to 2011.
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In both, a crisis of excess debt developed, in the 1920s created by war and today by a decade in which the new common currency generated huge financial flows from Germany and other surplus countries to deficit countries of the euro-zone periphery.
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In fact, I have a vision that when the G20 meets later in the month in Seoul, that the world needs a new balance between deficit countries and surplus countries, and that balance has to be restored by paying more attention to the development -- of the development potential, including infrastructure development and energy infrastructure agricultural infrastructure in the poorer countries of the world.
WHITEHOUSE: President Obama and Prime Minister Singh Press Availability | The White House
All of which should help increase the trade surplus and further reduce the current-account deficit.
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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If China's economy continues to overheat, its current-account surplus could soon turn to deficit, and then its central bank would no longer need to buy American Treasuries to hold down its currency.
The new interim chief executive of the NHS, Sir Ian Carruthers, who is replacing Sir Nigel Crisp, is currently in charge of two health authorities - one predicting a deficit and one a surplus.
With the Eurozone expected to shrink a further 0.1% this year, after contracting 0.6% in 2012, European policymakers will have to work to achieve more symmetrical adjustment shared between core external surplus members, namely Germany, and peripheral deficit countries, Kraemer argues.
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And we created 23 million new jobs, went from a deficit to a surplus. (Applause.) And guess what, Marshalltown, here's the thing -- it actually was good for rich people, too.
In time, those adjustments should cut both the U.S. external deficit and China's surplus.
And incomes were up, and poverty was down, and our deficit became the biggest surplus in history.
And our deficit became the biggest surplus in our history.
WHITEHOUSE: Remarks by the President at a Campaign Event -- Green Bay, WI
Despite a long history as a huge exporter of commodities, Indonesia has flipped from having a trade account surplus to a deficit in recent months, and last quarter recorded its biggest ever current-account deficit.
We created 23 million new jobs, and we went from a deficit to surplus.
Overall, America had a deficit with 103 countries and a surplus with 104.
The currencies of surplus countries are supposed to rise and the currencies of the deficit countries are supposed to fall.
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The trade deficit benefits us, and the trade surplus benefits them.
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Thanks to this innovation, over the years the social-security deficit was first checked and then turned into surplus in the three years from 1999.
According to the report, a surge in the petroleum import bill and a decrease in the surplus on income accounted for the deficit's increase.
Unemployment has plunged, crime is down 27%, tourism is thriving and the city's deficit has turned to glorious surplus.
However, this capital surplus does not count in the balance of trade and leaves a massive trade deficit with Wakanda.
One reason why this system cannot go on much longer is that Asia's crisis of 1997-98 put the budget deeply into deficit and, unaided, it may not return to surplus.
Mexico's large surplus is partly reflected in America's deficit: the route between Mexico and the United States is the second busiest for international traffic, after the route between Canada and the United States, according to the annual survey of global telecommunications traffic statistics, just published by TeleGeography, a consultancy.
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