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Phil Magness: U.S. not facing BOP deficit under current accounting definitions

Phil Magness: U.S. not facing BOP deficit under current accounting definitions
U.S. BOP stands at zero post 1970s

Phil Magness states that under conventional accounting definitions, the U.S. is not currently experiencing a balance of payments (BOP) deficit.

He explains that due to the end of the fixed exchange rate regime in the 1970s, the official BOP for the U.S. has been considered zero since that time.

Magness previously questioned critiques of the U.S. dollar's reserve currency status, citing a lack of clear economic arguments. In a 2023 interview, he shared Senator JD Vance's view that U.S. manufacturers could benefit if the dollar loses reserve status. These remarks add context to ongoing debates about the dollar's global role.

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