TLDR
The U.S. recorded a current account deficit of over $700 billion in 2007, roughly equivalent to 5 percent of annual GDP. The meltdown of the 2008 financial crisis and crash of Lehman Brothers in September sent strong signals that the dollar was going to collapse. The US debt ceiling was a huge debate in July 2011, political brinksmanship led to a standoff between President Obama’s administration and the Republican House of Representatives. Net capital inflows (inflows minus outflows) of $500 trillion in August and September, the dollar spiked up in value once more. The dollar should have plunged in value, instead of rose sharply against virtually every other currency.via the TL;DR App
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Written by jaskirat-singh | Student Consultant @ ReShape Co. | Incoming Accelerator Program Student @ Vanderbilt
