A key magnet for exported goods / greased by

Question

Hi teachers,In the U.S., a key magnet for exported goods, consumption was stoked by borrowing and the booming housing market.  And the path of goods and services has been greased by commercial paper and trade fiance - the boring plumbing of the global economy.Does "a key magnet" refer to "the U.S"?What does "greased by" and "plumbing" here mean?Thank you Tinanam

Mr Wordy · Accepted Answer

Yes, "a key magnet" refers to the U.S. It means that the U.S. attracts a great amount of exported goods.

"greased by" means "facilitated by". It has a slightly negative connotation here -- as if there's something not quite proper about the way this has happened.

"plumbing" refers to financial infrastructure: the sort of routine procedures and systems that enable trade to flow and the financial world to keep operating.

Anonymous · Answer

Hi Mr. Wordy,

Thanks for the explanations. I'm sorry I forgot to place one question.

I understand the literal meaning of "exported goods" but I'm a bit confused (forgive my bluntness) as to whether it's the goods exported from the U.S. or from other countries, like China, but that would be "imported goods".

Tinanam

Mr Wordy · Answer

AnonymousI understand the literal meaning of "exported goods" but I'm a bit confused (forgive my bluntness) as to whether it's the goods exported from the U.S. or from other countries, like China, but that would be "imported goods".

It's talking about goods that are sent from other countries (such as China) to the US. These goods are exported by those other countries, and imported by the US.

Anonymous · Answer

Hi Mr. Wordy,

Thank you so much for the clear explanation.

Tinanam

A key magnet for exported goods / greased by

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