Scott,
After a phenomenal run up in the 1990's, the US Stock market collapsed causing a huge loss in wealth.
Despite the stock market collapse, the US economy did not sink into depression.
The American economy continues to be the economic engine of growth for the world.
You suggest the way to deal with the trade deficit is through "managed" trade.
Perhaps you are correct.
What I can say is:
* The level of foreign trade debt (adjusted for inflation) as a percentage of the total American gross national product is running just above 5%.
http://www.tradealert.org/v...
* This level is not sustainable in the long term and at some point, foreign investors will refuse to buy American debt to continue to finance the growing American trade debts.
How long we can continue on the present path remains an unknown.
Many predicted disaster after the first oil shock in 1974.
For 29 years, America has financed an ever growing foreign debt, using the old standby:
* Owe the bank $1,000, you have a problem;
* But owe the bank $1,000,000, the bank has a problem.
Still, at some point, America has to confront this issue.
Will it happen in 2004? An interesting question.
We, being North Americans, are confronted with a number of concerns:
* The continued use of petro-dollars to finance terrorism;
* An unwillingness to neither end our love affair with cheap energy, nor finance alternative sources of energy;
* A corporate morality which looks to cost cutting as the competitive solution;
* A problem with foreign trade, particularly as it involves China; and,
* A growing realization the exit strategy from Iraq is going to be long and costly.
All these issues are creeping onto the political radar screen.
How will events sort themselves out remains to be seen?
But, certainly the political battles of 2004 will be pivotal, important and fascinating to watch as the "great show" unfolds.
Kind regards,
John Glube
Toronto, Canada
As more and more people switch operating systems, the software manufacturers will get the message and start creating versions of their products for non-Windows based systems.
BTW, the Mozilla Netscape browser is very much alive. It's called Firebird and it's here: http://texturizer.net/thund...