It is certainly something to worry about. Continuing to attract funds when the current account deficit is that large and continuing to rise is bound to become a serious problem.
More Quotes from Martin Feldstein:
But because we in the United States finance our current account deficit by borrowing in our own currency, we can move to a more competitive dollar without the adverse effects that followed currency declines in other countries.Martin Feldstein
Domestic inflation reflects domestic monetary policy.
Martin Feldstein
We do not understand the links between asset prices, monetary policy, and aggregate demand. We do not understand speculative markets adequately.
Martin Feldstein
And finally, no matter how good the science gets, there are problems that inevitably depend on judgement, on art, on a feel for financial markets.
Martin Feldstein
Inflation is lower and more stable and the real business cycle fluctuations are more modest.
Martin Feldstein
The Chinese are very cautious, but they have now put their toes in the water and decided it's OK, so they will move again.
Martin Feldstein
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