American consumers have relied on appreciation of equity holdings and home values to support over-extended lifestyles.

It is also the case for the US Federal Reserve, which has turned to unconventional monetary policies to support the real economy via so-called wealth effects.

 Over the past 35 years, America has /been/ running balance-of-payments deficits every year since 1982 

 (with a minor exception in 1991, reflecting foreign contributions for US military expenses in the Gulf War). 



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