On another order of things...

IMF: How the IMF Can Help Promote a Collaborative Solution to Global Imbalances (Remarks by Rodrigo de Rato, Managing Director, International Monetary Fund, April 4, 2006)

The problem is that good economic performance rests on a shaky foundation, because of large and continuing global imbalances. By definition, imbalances have two sides to them. The most visible aspect of the global imbalances problem is a large deficit in the current account of the balance of payments of the United States--almost 6½ percent of GDP in 2005, and expected to be as high again this year. The other side if the coin is large surpluses in the external accounts of other countries, including oil exporters such as Russia and Saudi Arabia, Japan and the emerging market countries of Asia, especially China. In some of these countries, current account surpluses have contributed to a very large build up of international reserves by central banks. And in the United States, repeated current account deficits have resulted in growing external indebtedness.