Sir, – While Fintan O'Toole ("EU proves EU disciples of austerity wrong", Opinion & Analysis, March 4th) is undoubtedly right that the "benefits" of austerity have been oversold, he is profoundly wrong to hold up the United States as an examplar of good economics.
What he has missed is trade. The US current account deficit was $361 billion last year. Meanwhile Germany, China, and Japan enjoyed surpluses of $257 billion, $176 billion, and $57 billion respectively.
Anyone with a credit card can throw a good party but the trick is to pay the bill.
Because of a pattern of huge trade deficits that has now persisted for more than three decades, the United States is not only completely hollowed out but has become more heavily beholden to foreign creditors than any great power since the last days of the Ottoman empire a century ago. – Yours, etc,
EAMONN FINGLETON,
Elm House,
Sussex Road,
Dublin 4.