The Australien: US Budget Deficits RiskCrash
Peter Costello's closest adviser fears the US is heading for a devastating financial crash that could ravage Australia's economic growth.
As the Reserve Bank considers raising interest rates at its board meeting next Tuesday, Treasury Secretary Ken Henry likened the flood of money pouring into the US to support its budget and current account deficits to the stockmarket's dotcom bubble of the late 1990s.
Were it suddenly to stop, there would be shockwaves felt throughout the world's economies.
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