Surname 1Student's NameLecturer's NameCourseDateReview of Ben S. Bernanke's speech on The Global Saving Glut and the U.S. Current AccountDeficit."Governor B. Bernanke's speech explores the nature and state of the United Stateseconomy in 2005 and mainly pays attention to the burgeoning current account deficit throughoutthat period. Bernanke explains that in 2005 the United States economy was the largest on theentire planet, with a GDP that was two times larger than second-placed Japan's economy. Thisperiod saw the U.S current account deficit rise to $635 billion an equivalent of 5.5% of thecountry's GDP. Expressively, Bernanke explains the causes of the current account deficit from aglobal perspective.Firstly, Bernanke refutes the common belief that the United States government'sextraordinarily large budget deficit totaling $400 billion was solely to blame for the currentaccount deficit. While it's true that a balanced federal budget would be of help in lowering thecurrent account deficit, Bernanke objects that the current account deficit needs more than thefederal budget to get a concrete explanation. Using countries such as Japan and Germany, hegave examples ...
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