$2.47 Billion a Day

The Current Account hit a new record ( See here last summer of $225.6 billion for the quarter. Just to keep this in perspective, that means that somebody overseas has to buy and hold on to $2.47 billion of our paper every day (That includes weekends and holidays) for the dollar to avoid downward pressure. This is a tall order and so far the central banks of China and major oil exporters have been more or less equal to the task. But I would think they are starting to feel a bit like I do when it time for dessert after Thanksgiving dinner. I know I shouldn’t eat it but it’s not yet time to quit. So to all those foreign central bankers out there, Bon Appetit!!!