Money: Anger at Dollar Imperialists

The men who manage Europe's money are increasingly annoyed with the U.S. They are upset by America's old habit of spending, lending and investing more abroad than it takes in from foreign sources—and its new habit of not worrying much about the deficit. Last year the U.S. balance of payments deficit rose to $7 billion, or twice as much as the deficit that stirred deep public concern in 1967; first-quarter figures indicate that this year's deficit will be still higher.

Last week, as moneymen from 50 countries gathered at the Bank for International Settlements in Basel, Switzerland, B.I.S. Chairman Jelle Zijlstra...

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