US Economy Deficits

This article discusses the US economy and the deficits. Bergsten believes that the mentions that the US needs to start developing a sustainable economy for the long haul. It's already well known that our deficits are a dangerous fact that at any point the foreign investors we utilize could decide to stop funding us which would cause the value of the dollar to go way down and the interest rates and inflation to be way up. He basically says that we need to get over the idea of the US being the center of everything and that we need to adapt to a global economy, one that will be less focused on the dollar. He even states that we should be seriously considering an international monetary system.

I think the US does need to start focusing on lowering our deficits and put more emphasis on savings! But, I don' t know how I feel about an international monetary system. Something about everyone's finances being so intertwined makes me uneasy, I feel we should still have a seperation that would protect us from a global crisis.