Broadly speaking, the US has to run trade deficits in order for the rest of the world to have the dollars they must use to buy oil. This severely handicaps our ability to manufacture and produce things domestically. During the past century the US Government took on lots of debt with the understanding that our economy would naturally grow to cover the obligations. But given this international monetary system, I struggle to see how the US can manage to grow it's way out of all the debt we've made for ourselves. I would like to go on, but Lyn is a far better writer than I.
