But at the very least, economists might want to clear a few things up — and let’s start by abolishing the phrase «exorbitant privilege.». Consuming beyond your means, in other words, is considered a curse for other countries even as they insist that it is a privilege for the United States. Главный зимний тренд – шубки из дорогого меха или под него. Only the U.S. economy and financial system are large enough, open enough, and flexible enough to accommodate large trade deficits. Second, because foreign governments must buy U.S. government bonds to hold as reserves, this additional source of demand for Treasury bonds lowers U.S. interest rates.