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And I think it should guide our assessment, at least a little bit, of the dollar's recent behaviour.Mr Pettis' view, very briefly, is that the current account matters.
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TODAY'S recommended economics writing: When did the Fed screw up? (Matt Yglesias) Real time economics (Modeled Behavior) Does the current account still matter?
However, the issue of bank current account charges is a matter of real concern to the banks' customers, and raises wider questions about competition and transparency of pricing.
John Fingleton, the OFT's chief executive, said: "The issue of bank current account charges is a matter of real concern to the banks' customers, and raises wider questions about competition and transparency of pricing.
For advanced economies like the UK, current account deficits have a habit of not really mattering until such a time as investors decide they do matter.
So in the hypothetical case in which foreigners lose confidence and stop buying our assets, they're pushing our capital account down; as a matter of accounting, then, our current account balance must rise.
Leave the goldbuggery aside (does Stockman think that countries pegged to gold — or, for that matter, the euro — never run current account deficits?).
"I currently have £45 in my current account.
As I've blogged before, whether the current account deficit is a problem or not is a matter for debate - not that that important debate featured much in the general election campaign.
Does it matter that the UK persistently runs a current account deficit on the balance of payments?
Manufacturing matters, she began, because America needs to close its current account deficit.
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