Dr. Hoadley comments on the state of the United States economy. He reflects on U.S. trade deficits that have resulted in a surplus of dollars abroad. Summarizing, he believes that confidence in the dollar can only be restored if inflation is brought under control, interest rates move more flexibly, trade balance is restored, and the "overhang" of excess dollars is corrected.

Hoadley's biography includes: Executive vice president and chief economist, Bank of America NT&SA, San Francisco, 1968-81; senior research fellow, Hoover Institution, 1981-2003; president, Commonwealth Club of California, 1987; author, "Looking Behind the Crystal Ball," 1988.