The nation is also struggling with a huge deficit in its dealings with the rest of the world. As reported by Manhattan's Morgan Guaranty Trust Co. last week, the U.S. balance of payments deficit probably hit a staggering $31 billion last year—nearly three times greater than the 1970 deficit and far more than anyone had anticipated. The payments gap in the fourth quarter alone was $6.7 billion on an official settlement basis. That was below the $12 billion imbalance in the previous three months but higher than first-half averages.
Biggest contributors to the record high deficit were banks, which...
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