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Kappeler, Beat

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Neue Zürcher Zeitung - Switzerland | 19/05/2008

Economic exodus?

In view of the bank crisis and the weakness of the dollar, the Swiss daily Neue Zürcher Zeitung ponders whether foreign firms should pull out of America. "The US's enormous trade deficit continues almost unabated and the slightest financial difficulty prompts the Federal Reserve to cut interest rates. ... Warren Buffet, the great investor, plans to invest his billions in Europe and in US companies with a large proportion of foreign turnover in future. ... The global economy has become multi-polar and the relative weight of the US economy has dwindled considerably. ... In addition the US's own monetary policy, financial market practices and legal security are eroding its economy. ... Those who doubt the wisdom of US policies now have new options. The imperial impact of the US is only in part the result of its military might. It is also rests on its power to set the rules governing the economy, trade and currency. This role is under great threat at present."

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