"The surge in oil prices in recent years has been taking place in an environment of rising global imbalances. Starting around 1996, a large current account deficit in the United States has been matched by surpluses primarily in other advanced economies and in emerging Asia, and has been accompanied by corresponding shifts in net foreign asset positions. To promote adjustment, policy advice has focused mainly on the need to promote savings in the United States and to foster expenditure in Asia, while moving to more flexible exchange rates arrangements. The impact of these recommendations has been limited so far, and large imbalances persist....

"This paper examines the issues at stake when considering the global impact of petrodollar recycling."

"Congress has provided tax incentives to stimulate domestic natural gas and oil production financed by private sources. Drilling projects offer many tax advantages and these benefits greatly enhance the economics. [Might it be the opposite, that "Economics" enhances production? Ed.] These incentives are not "Loop Holes" -- they were placed in the Tax Code by Congress to make participation in oil and gas ventures one of the best tax advantaged investments."

Sign of a Bubble Forbes, [2000 August 7]

"Quietly, foreign ownership of U.S. securities has reached extraordinary proportions. But any reversal could be loud."