US budget deficit: Use of gold to achieve debt relief

Some the world's major central bankers warned the United States yesterday that the international community could be running out of patience with the massive U.S. &to=http:// english.pravda.ru/economics/2001/10/22/18823.html' target=_blank>budget and trade deficits that have pushed the dollar lower and increased the cost of their exports in America.

But U.S. &to=http:// english.pravda.ru/comp/2002/08/07/34017.html' target=_blank>Federal Reserve chairman Alan Greenspan, speaking before the official opening of the Group of Seven finance ministers meeting, said factors including the weaker dollar and tougher budget discipline in Congress may restrain the growth of the trade gap.

It is unacceptable for developed countries to run long-term current account deficits, &to=http:// english.pravda.ru/economics/2002/06/08/29979.html' target=_blank>European Central Bank president Jean-Claude Trichet said at a conference of business leaders and government officials, reports Toronto Star.