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4801. The Annapolis Meeting: Too Little Too Late!

Author:
Hassan Barari
Publication Date:
11-2007
Content Type:
Working Paper
Institution:
Center for Strategic Studies (CSS)
Abstract:
As of writing this piece, no final date has yet been set for the Annapolis meeting, but most likely it will be the last week of November. Amid the premature optimism, the concerned parties need to realize that the meeting is likely to fail. Indeed, rejectionists on both sides are already rubbing their hands gleefully in anticipation of a colossal failure. Therefore, many observers have warned that this summit requires careful planning and, more importantly, a day-to-day strategy, should the meeting fail. They argue that US Secretary of State Condoleeza Rice has backtracked from her original plans and has changed the agenda of the conference in such a way that it will have a limited purpose. The new thinking is that the Annapolis meeting should be seen as a process and not as an event. This article sheds light on the dynamics that will determine the degree of success.
Topic:
Diplomacy, Conflict, Negotiation, and Peace
Political Geography:
Middle East, Israel, Palestine, and United States of America

4802. The Politics of Iran's Assembly of Experts after Meshkini

Author:
Mahjoob Zweiri and Ramzy Mardini
Publication Date:
09-2007
Content Type:
Policy Brief
Institution:
Center for Strategic Studies (CSS)
Abstract:
The recent death of Ayatollah Ali Meshkini effectively created a vacuum that was bound to lead to an ideological and political clash among Iran’s power players. Meshkini was the first and only chairman of the Assembly of Experts, objectively Iran’s most powerful institution. He has kept its inherent powers at bay to the desires of Iran’s supreme leader, Ayatollah Ali Khamenei. But now that has changed and Meshkini’s passing, with the recent victory of Hashemi Rafsanjani as his successor, has come at a time when the Islamic Republic is witnessing a socio-political redefinition in its conservative establishment. The ambitions of Iran’s old and new elitists have led to a political confrontation in filling Meshkini’s vacuity, a struggle that may have changed Iranian discourse, as we know it. Though this event is little known and hardly emphasized in media circles in the West, the politics leading up to Rafsanjani’s victory over the ultra-conservatives should be of great interest to those in discussion with Iran over its nuclear program and involvement in Iraq, particularly the United States. This article analyzes the Assembly’s role and significance within the Iranian institutional realm as well as depicts the candidates and politics that shaped this historic dilemma.
Topic:
Nuclear Weapons, Politics, Nuclear Power, and Domestic Politics
Political Geography:
Iran, Middle East, and United States of America

4803. The UN Security Council’s Response to Terrorism: Before and After September 11, 2001

Author:
Hilde Haaland Kramer and Steve A. Yetiv
Publication Date:
09-2007
Content Type:
Journal Article
Journal:
Political Science Quarterly
Institution:
Academy of Political Science
Abstract:
HILDE HAALAND KRAMER and STEVE A. YETIV argue that the UN Security Council’s response to global terrorism has been more forceful and comprehensive since September 11 and that it has broken some new ground. The authors posit that although the UN remains controversial in the United States, Washington benefited from its response to September 11, as imperfect as it was.
Topic:
Terrorism, United Nations, 9/11, and UN Security Council
Political Geography:
Global Focus and United States of America

4804. Iran’s Nuclear Challenge

Author:
Colin Dueck and Ray Takeyh
Publication Date:
07-2007
Content Type:
Journal Article
Journal:
Political Science Quarterly
Institution:
Academy of Political Science
Abstract:
COLIN DUECK and RAY TAKEYH describe the political, ideological and security motivations behind Iran’s nuclear program and examine various strategic alternatives available to the United States. They conclude that the United States should pursue comprehensive, direct negotiations with Tehran on the nuclear issue, within an overarching framework of containment.
Topic:
Security, Nuclear Weapons, Nuclear Power, Negotiation, and Containment
Political Geography:
Iran, Middle East, and United States of America

4805. Referendum: The 2006 Midterm Congressional Elections

Author:
Gary C. Jacobson
Publication Date:
03-2007
Content Type:
Journal Article
Journal:
Political Science Quarterly
Institution:
Academy of Political Science
Abstract:
GARY C. JACOBSON analyzes the 2006 midterm election as a referendum on the performance of President Bush, the war in Iraq, and the Republican Congress. He argues that the Democrats won control of Congress by nationalizing the election and exploiting widespread public discontent with the Republican regime to overcome the Republicans’ formidable structural advantage in present-day electoral politics.
Topic:
Elections, Domestic Politics, Iraq War, Republican Party, and Democratic Party
Political Geography:
North America and United States of America

4806. Is Port Security Funding Making Us Safer?

Author:
Veronique de Rugy
Publication Date:
11-2007
Content Type:
Working Paper
Institution:
MIT Center for International Studies
Abstract:
The most terrifying security threat to security experts and the public alike is nuclear proliferation. Once the figment of Hollywood imagination, the ultimate nightmare scenario that is dis- cussed by some as inevitable is the detonation of a nuclear device on American soil. The majority of experts believe that the most likely way weapons of mass destruction (WMD) would enter the United States is by sea, hence a focus on port security.1 Ports offer terrorists vast opportunities to inflict damages. As the primary mode of transpor- tation for world trade goods, maritime commerce is essential to America’s economic vital- ity.2 Every year approximately nine million cargo containers—26,000 a day—arrive at U.S. ports from all over the world.3 The U.S. maritime system includes more than 361 sea and river ports with more than 3,700 cargo and passenger terminals and more than 1,000 harbor channels along thousands of miles of coastline.4 In FY 2007, President Bush requested $2.3 billion for port security out of a $57 billion government-wide budget for homeland security.5 However, the important question is not how much money is spent but rather whether the money is allocated toward the most cost- effective programs. In other words, is America getting the maximum level of protection in exchange for our tax dollars? A close look at port security allocation decisions indicates that spending occurs without regard for risk analysis let alone cost-benefit analysis, leading to a large array of misallocated spending. For instance, what should be the highest priorities—preventing terrorists from acquiring nuclear devices and material—receive less money than much less cost-effective policies such as nuclear detection in the ports or post-disaster response activities.
Topic:
Security, Maritime, Trade, and Port
Political Geography:
North America and United States of America

4807. Russia and America: Is Another Arms Race Afoot?

Author:
Jane M.O. Sharp
Publication Date:
11-2007
Content Type:
Working Paper
Institution:
MIT Center for International Studies
Abstract:
During the Cold War years we learned that successful arms con- trol agreements with the Soviet Union were those that codified parity, or at least a mutually acceptable status quo. After the collapse of the Soviet Union and the Warsaw Treaty Organization (WTO) in 1991, a much diminished Russia saw all its WTO allies and three former Soviet republics join NATO, making parity harder to achieve. But there are still compelling reasons to shape agreements that satisfy all parties. During the 1990s, under Boris Yeltsin, Russia strove to be represented as an equal to the United States in arms control diplomacy and in negotiations concerning the future of former Yugoslavia. President Bill Clinton tried to meet Yeltsin’s concerns, but there has been little constructive cooperation on arms control between George W. Bush and Vladimir Putin. Indeed, since 2000, Bush has been hostile to any kind of multilateral diplomacy. He began his presidency with a new generation of ballistic missile defenses (BMD) and withdrew from the 1972 Anti-Ballistic Missile (ABM) treaty, an agreement that had stabilized U.S.-Soviet relations for two decades. In Russia, an increasingly belligerent Putin, flush with oil money, is now determined to be accorded great power status in his dealings with the West. He is asserting himself in many areas: trying to block independence for Kosovo; countering U.S. sanctions against Iran; and renegotiating arms control agreements concluded when Russia was weak. While Putin is viewed with increasing wariness in the West, on arms control he has some points that need to be taken seriously.
Topic:
Defense Policy, Diplomacy, Military Strategy, and Arms Race
Political Geography:
Russia, Europe, North America, and United States of America

4808. The U.S. and Iran After the NIE

Author:
Farideh Farhi
Publication Date:
12-2007
Content Type:
Working Paper
Institution:
MIT Center for International Studies
Abstract:
The release of the National Intelligence Estimate regarding Iran’s nuclear capabilities, intentions, and policies created shock waves as well as sighs of relief in Washington and elsewhere. The assessment that Iran stopped its weapons program in 2003, and that its declared enrichment program cannot be converted as easily or as quickly as assumed for use in a military program, immediately brought into question the notion that Iran’s nuclear program needs to be dealt with immediately and only through coercive mechanisms. Amid a notable amount of “spinning” the NIE’s conclusions, a slew of questions are in play regarding if and how the U.S. should alter its hard-edged policies toward the Islamic Republic. A consensus seems to have developed that the report has taken the military option off the table and made the sanctions process at play in the U.N. Security Council more difficult to pursue effectively. These dynamics gave longstanding proponents of direct and unconditional dialogue with Iran new opportunity to re-state their case.1 Calls for such negotiations also came from surprising new corners. In the words of Robert Kagan, co-founder of the hawkish Project for the New American Century, “it is hard to see what other policy options are available. This is the hand that has been dealt. The Bush administration needs to be smart and creative enough to play it well.”2
Topic:
Security, Intelligence, Nuclear Weapons, United Nations, and Military Strategy
Political Geography:
Iran, Middle East, North America, and United States of America

4809. What Are Nuclear Weapons For? Recommendations For Restructuring U.S. Strategic Nuclear Forces

Author:
Sidney D. Drell and James E. Goodby
Publication Date:
10-2007
Content Type:
Special Report
Institution:
Arms Control Association
Abstract:
The U.S. and Russia have agreed to cooperatively reduce their large nuclear stockpiles. The report recommends that the U.S. reduce its arsenal to 500 operational deployed warheads, with 500 warheads in a responsive force, by 2012. These reductions would be made in concert with Russian warhead reductions. The authors specifically outline where and how the remaining warheads should be deployed.
Topic:
Arms Control and Proliferation, Nuclear Weapons, and Armed Forces
Political Geography:
Russia and United States of America

4810. He Who Would Rule: Climate Change in the Arctic and its Implications for U.S. National Security

Author:
Elizabeth L. Chalecki
Publication Date:
05-2007
Content Type:
Journal Article
Journal:
Journal of Public and International Affairs (JPIA)
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
Anthropogenic climate change will have its greatest effect on the Arctic, which will experience impacts ranging from increasing ambient air temperature to glacier and sea ice melting to permafrost thaw. This altered environment will result in new national security concerns for circumpolar nations such as the United States, including increased Arctic access by Russia and other nations; competition over newly accessible fossil fuel resources; and loss of Arctic military facilities resulting from permafrost thaw and land subsidence. Although these effects will be felt cumulatively over the coming decades, the United States must make the necessary strategic changes now in order to prevail in this new security environment. The United States should retrain and re-equip military forces for greater Arctic operability, work toward a clear legal understanding of open sea access in newly ice-free waters, and consider implementing a joint circumpolar security apparatus to facilitate adaptation to this new globally-warmed Arctic.
Topic:
Climate Change, National Security, and Strategic Competition
Political Geography:
North America, Arctic, and United States of America

4811. The Limits of Sino-Russian Strategic Partnership in Central Asia

Author:
Brian Carlson
Publication Date:
05-2007
Content Type:
Journal Article
Journal:
Journal of Public and International Affairs (JPIA)
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
U.S. foreign policy has recently suffered setbacks in Central Asia, where its role had expanded dramatically following the terrorist attacks of September 11, 2001. Recent events appear to indicate growing Sino-Russian cooperation to limit U.S. influence in the region. Although Russia and China have grown closer together in recent years based on convergent strategic views, a number of factors will limit their strategic partnership at the global level. Likewise, their interests in Central Asia mix elements of cooperation with competition, reducing the likelihood of a Sino-Russian condominium in the region. Prudent U.S. foreign policy can prevent anti-American, Sino-Russian power balancing in Central Asia. In order to achieve its goal of a stable, independent Central Asia, the United States should seek to promote a regional concert with Russia, China, and the Central Asian states. If this is not fully achievable, the United States should promote maximum cooperation to address shared interests on issues of security and economic development.
Topic:
Security, Foreign Policy, Partnerships, Economic Development, and Strategic Interests
Political Geography:
Russia, China, Central Asia, Asia, and United States of America

4812. Justice Delayed… an Overview of the Options to Speed Up Federal Justice

Author:
Mattia Landoni
Publication Date:
05-2007
Content Type:
Journal Article
Journal:
Journal of Public and International Affairs (JPIA)
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
This paper examines the current situation of delay in the federal district courts and proposes ways to reduce it. District Courts are increasingly overwhelmed by the demand for judicial services. This trend is likely to continue in the absence of future action because none of the underlying causes will cease to exist. This article presents a detailed quantitative analysis of the main determinants of judicial services demand, followed by an overview of the options to increase its supply: changing the method to assess the need for judges is worth considering; modifying the procedure—the strategy adopted so far—seems to offer little marginal benefit; and finally, introduction of good management practices and digital information management seems to be an innovative and promising approach.
Topic:
Courts, Justice, and Judiciary
Political Geography:
North America and United States of America

4813. Neither Pigs nor Parrots: A Military Culture that Can Win the Peace

Author:
Ryan Close
Publication Date:
05-2007
Content Type:
Journal Article
Journal:
Journal of Public and International Affairs (JPIA)
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
As ongoing operations in Iraq illustrate, the nature of warfare is changing: peacekeeping and warfighting are converging as the space between military and humanitarian activity erodes. Because of the vastly different challenges of fighting wars and handling post-conflict challenges, militaries traditionally train soldiers to be either warriors or peacekeepers. This new type of conflict, however, requires soldiers who are both of these simultaneously. Unfortunately, current organizational culture – focused almost entirely on combat – may prevent the ideological shift within the military that is necessary for molding a new soldier identity. This article addresses this challenge and proposes policy measures that would help transform military culture and better match combat prowess with broad intellectual, political, and social vision. To this end, this article considers how the security environment is evolving, examines how such an environment will severely stress the U.S. military, and offers recommendations for cultural change that concern force structure, operational planning, and the selection, training, and promotion of soldiers.
Topic:
Defense Policy, Military Strategy, Culture, and Military
Political Geography:
North America and United States of America

4814. Back to the Future: Understanding China’s Return to Africa and its Implications for U.S. Policy

Author:
Greg Pollock
Publication Date:
05-2007
Content Type:
Working Paper
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
Since the mid-1970s, China (PRC) has experienced a period of unprecedented economic growth. However, the Chinese Communist Party’s hold on power is now predicated upon maintaining their country’s development trajectory, which requires increasing amounts of natural resources, particularly fossil fuels. To secure access to these raw materials, China has begun to deepen its engagement in parts of the world where Washington has enjoyed a near monopoly on influence since the end of the Cold War. Nowhere is this truer than in Africa, where China has pursued an array of new relationships, some of which directly challenge U.S. interests. This article reviews China’s historical relationship with Africa, accounts for its new investments on the continent, and assesses what the implications of China’s renewed interest in Africa are for U.S. policy.
Topic:
Foreign Policy, Natural Resources, Economic Growth, and Strategic Interests
Political Geography:
Africa, China, Asia, and United States of America

4815. Global Imbalances: A Source of Strength or Weakness?

Author:
Kristin J. Forbes
Publication Date:
07-2007
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Gross capital flows into the United States totaled $1.8 trillion in 2006. When combined with the $1.0 trillion the United States sent abroad, these net capital inflows funded the U.S. current account deficit of about $800 billion.1 The source of a large proportion of these capital inflows was developing economies—especially China and major oil exporters. Why are foreigners willing to invest such massive amounts of money in the U.S. economy? And perhaps even more surprising—why are countries with low levels of investment willing to send this relatively scarce resource to a capital-abundant economy instead of investing in their own countries? Understanding the motivation behind the millions of individual decisions that drive these capital inflows is critically important to understanding if this massive net transfer of capital into the United States reflects a strength or weakness of the global economy.
Topic:
Economy, Investment, and Capital
Political Geography:
Global Focus and United States of America

4816. The Role of Monetary Policy in the Face of Crises

Author:
Anna J. Schwartz
Publication Date:
07-2007
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
In this article I first review the Greenspan Fed’s record of providing liquidity in response to its perception of shocks the economy is facing. It assumed that the shocks were likely to generate financial crises. No financial crises, however, have occurred. Yet the Fed was dilatory in draining the market of unneeded liquidity. Failure to do so meant that monetary policy remained accommodative. I next discuss whether there is a connection between the Fed’s accommodative policy and the depreciation since 2002 of the exchange value of the dollar as well as the twin deficits and growing global imbalances. In that discussion I refer to the need to raise the national saving rate, in part by eliminating the budget deficit as well as projected deficits from the unfunded liabilities of Social Security and Medicare. Monetary policy, however, must be independent of fiscal policy. I conclude with some observations on the advisability of adoption by the Fed of inflation targeting.
Topic:
Monetary Policy, Federal Reserve, and Economy
Political Geography:
North America and United States of America

4817. The Columbian Exchange and the Reversal of Fortune

Author:
Thomas Grennes
Publication Date:
01-2007
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
It is difficult to think about modern American food without including hamburgers and hotdogs. It is also difficult to think about popular American history without cowboys mounted on horseback tending herds of cattle. However, before the arrival of Columbus in 1492 there were no cattle or pigs in America to provide beef and pork for hamburgers and hotdogs. There was no wheat to make hamburger and hotdog buns. There were no horses for cowboys or Indians to ride. The European settlers brought with them cattle, pigs, horses, wheat, and many other plants and animals that became the foundation for modern food and agriculture in the Western Hemisphere. It is also difficult to think about modern Mexican food without including rice, tacos filled with meat, refried beans in animal fat, cheese in enchiladas, and sugar, cinnamon, and milk in chocolate. However, Mexico in 1492 had none of these ingredients. The massive transplantation of plants and animals across the Atlantic Ocean in both directions has been called the Columbian Exchange (Crosby 1972). It has been described as the “greatest human intervention in nature since the invention of agriculture (Fernandez-Armesto 2002: 165), and it has had an enormous effect on the Americas and the entire world. The Columbian Exchange altered the kind of food Americans and Mexicans eat, the kind of agricultural products produced in both countries, and the entire pattern of world economic growth. This article will concentrate on the effects of the Columbian Exchange, but the exchange of plants and animals was part of a broader process of trade, migration, investment, colonization, and exchange of ideas that followed the voyages of discovery by Columbus and others. The same Old World plants and animals were introduced to the two regions that would become the United States and Mexico, but the effects in the two countries were substantially different.1 The United States was the poorer neighbor in 1492, but it became relatively richer. The purpose of this article is to show how differences in institutional development affected responses to the same opportunities. I shall concentrate on developments in the United States and Mexico, but the Canadian experience was similar to the U.S. response, and the response in the rest of Latin America was similar to the Mexican response (Cole et al. 2005).
Topic:
Migration, History, Food, Investment, Trade, and Columbian Exchange
Political Geography:
North America, Mexico, and United States of America

4818. Remuneration vs. Reelection: A Senatorial Balancing Act

Author:
Jim F. Couch, Brett A. King, and Taylor P. Stevenson
Publication Date:
01-2007
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Unique events often give rise to other unique events. Such was the case of Hurricane Katrina—the costliest and most destructive natural disaster in U.S. history. The resulting casualties and staggering damage estimates from the savage storm in late August 2005, led the U.S. Senate to vote overwhelmingly (92 to 6) against a Senate pay raise. Most senators apparently felt that voters would not look kindly on a Senate pay raise given the devastation caused by Katrina. The Senate vote was largely symbolic because the House of Representatives was not going to take a vote on rescinding a pay raise for members of Congress. Thus, senators voting against the raise knew their votes would resonate well with voters but have no impact on the annual congressional pay raise sanctioned by law. Of the six senators who did vote for the pay raise, five—James Jeffords (I-Vt.), Daniel Inouye (D-Hawaii), Jeff Bingaman (D-N.M.), Richard Lugar (RInd.), and Kit Bond (R-Mo.)—were long-time incumbents whose seats were not threatened, and one—Paul Sarbanes (D-Md.)—was about to retire. Typically, votes cast by members of Congress are relatively easy to predict. The empirical analysis of congressional voting patterns suggests that measures of ideology and party affiliation play a decisive role in explaining overall voting behavior. A vote on congressional pay, however, is not typical. It creates a dilemma for lawmakers by pitting two margins of self-interest against each other: pecuniary gains and reelection. Senators are clearly made better off by not opposing annual pay raises—salaries have increased from $98,400 in 1990 to $165,200 in 2006. Yet, those increases are likely to irritate voters and could harm a senator’s chances for reelection. In this article, we examine those conflicts of interest and how they affect voting behavior in the case of senatorial pay raises. It is often reported that cooperation among politicians, or bipartisanship, is a thing of the past. However, our results suggest that at least in the case of the Senate, when it comes to an issue as controversial as a pay increase, senators are fully capable of cooperating. More vulnerable senators (in terms of their probability of reelection) are allowed to vote against a pay raise, knowing that those in a more secure position can vote for the increase. The more vulnerable senators likely compensate senators who take the unpopular position of voting in favor of the pay increase with favorable votes on future legislation.
Topic:
Elections, Domestic Politics, Ideology, and Voting Behavior
Political Geography:
North America and United States of America

4819. Global Imbalances: Do They Matter?

Author:
Miranda Xafa
Publication Date:
01-2007
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
This article reviews the recent literature on global imbalances and discusses the policy implications of the various theories that have been advanced to explain their unprecedented increase. Most of these theories fit the stylized facts, namely, the steady increase in the U.S. current account deficit, the shift to a surplus position of the developing countries, and the low nominal and real interest rates globally. The “low U.S. savings” theory—reflecting the increase in the fiscal deficit and in housing wealth—views the current account deficit as the result of fiscal and monetary policy decisions in the United States that need to be urgently reversed to prevent a crash landing. Other theories however, focusing on developments outside the United States, portfolio balance effects, or previously neglected benign factors, do not yield such a doomsday scenario. It is relevant to note that there is no historical precedent of disorderly exchange rate adjustment in industrial countries that keep inflation under control (Croke, Kamin, and Leduc 2005). Concerns over a disorderly unwinding of global imbalances therefore appear exaggerated. This view, prevalent among market participants and several prominent academics, has not been widely embraced by policymakers.
Topic:
Monetary Policy, Economy, Wealth, and Savings
Political Geography:
Global Focus and United States of America

4820. Why the U.S. External Imbalance Matters

Author:
William R Cline
Publication Date:
01-2007
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Last year the U.S. current account deficit (mainly on trade but including capital income and transfers) reached almost 7 percent of GDP, or about twice as large a share as in 1987, the peak of the previous episode of large external imbalances and dollar overvaluation. A major reason is that from 1995 to 2002 the dollar rose by 28 percent against other currencies, after taking account of inflation and weighting by trade. A strong dollar made U.S. exports expensive and imports cheap, driving up the trade deficit after about a two-year reaction time. With large and persistent external deficits, the United States has swung from being the world’s largest creditor nation to its largest debtor, with net foreign liabilities now at about one-fourth of GDP. The dollar has corrected somewhat and is now about 13 percent lower on a trade-weighted basis than its average in 2002, based on the Federal Reserve’s broad real exchange rate index. Without that partial correction the trade deficit would now be even larger. It will likely require a decline of an additional 15 to 20 percent in the dollar to cut the current account deficit back to about 3 percent of GDP. That rate would be consistent with limiting net foreign liabilities to 50 percent of GDP in the long term. Exceeding that ceiling would seem imprudent for both the U.S. and global economies. It will be crucial that China, Japan, and much of the rest of Asia participate in realignment of their currencies against the dollar, because the decline of the dollar so far has been heavily concentrated against the euro and other industrial country currencies except for the Japanese yen. Dollar correction will also need to be accompanied by fiscal adjustment. Otherwise much of the competitive effect of the dollar adjustment would be offset by higher inflation and a dollar rebound from higher interest rates. Fundamentally the external deficit is the excess of resources used over resources produced, and with U.S. household saving near zero, the government cannot be a large net borrower without keeping the nation in large external deficit.
Topic:
Government, Finance, Economy, Currency, and Deficit
Political Geography:
North America and United States of America