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  • Bernanke Feels a Need for Reduction In Global Imbalances

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    Sunday Feb. 20, 2011 at 01:17 pm EST
    Bernanke Feels a Need for Reduction In Global Imbalances
    The US Federal Reserve Chairman Ben Bernanke requested countries with large trade surpluses like China and India to let their currencies rise in value to help prevent another global financial crisis in a prepared speech on Friday. He also called on nations with persistent trade deficits like the United States to narrow their budget shortfalls and save more.

    Many countries worry about speculative money flooding their economies and inflating assets like real estate or stocks. However, both steps would help balance trade and investment flows among countries. Given the deep-rooted nature of such a transition, the Fed Chair was quick to note that none of these changes will be easy or immediate.

    Bernanke also said that countries with sizable trade deficits must reduce government spending over time.

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