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13:33 Apr 5, 2005
English to Italian translations [PRO] Bus/Financial - Finance (general) / economics
English term or phrase:fired back
Last week, Goldman Sachs fired back at McKinsey's conclusions about the U.S. economy's place on the global stage. Edward McKelvey, a senior economist at Goldman, argues that it doesn't matter who is driving the deficit wider. The end result is still that the world is awash in dollars and because of that the currency is still prone to sharp -- and potentially destabilizing -- depreciation.
For now at least, McKinsey's rosy view of the world is holding up. The current-account deficit was 25% wider in 2004 than it was in 2003 and shows no sign of letup. And while the dollar has weakened, it hasn't touched off a much-feared financial crisis.
But Diana Farrell, director of the McKinsey Global Institute and co-author of the study on multinationals, says that doesn't mean there aren't pockets of truly vulnerable Americans in this process. The $2.7 trillion in stock-market capitalization created by multinational profits overseas doesn't reach individuals who don't own shares in these companies. These are often the same low-skilled workers most vulnerable to lose their jobs to inexpensive low-skilled workers overseas. The real worry in today's economy, Ms. Farrell says, isn't the current-account deficit. It is finding ways to equip and enrich those workers least prepared for the globalization of profits.