we must note that it is not possible for all nations to run simultaneous current account surpluses: Asian net exporters, for example, rely heavily on sales to the United States, which runs a current account deficit to provide the Dollar assets the exporters want to accumulate. We conclude that at least some governments will have to run persistent deficits to provide the net financial assets desired by the world’s savers. It makes sense for the government of the nation that provides the international reserve currency to fill that role. For the time being, that is the US government.
Some surplus some deficit
