“Again? Didn’t we just have this debate?” This is how the opening chapter of a collection of essays published by the Centre for Economic Policy Research , on “The New Global Imbalances” , starts. Yes, we did. We did so in the 1980s, in the 2000s and now, once again, in the 2020s. Once roughly every 20 years, it appears, the issue comes to the fore. The view of many economists today is that if a crisis is going to strike, it is likely to be triggered in the US. So, how similar are today’s conditions to those of two decades ago? What might go wrong? What should be done? How might today’s situation end? Martin Wolf Financial Times 6 May 2026 https://www.ft.com/content/72ab51ed-8dcc-46c5-8457-6944d98bf280?syn-25a6b1a6=1 US trade deficit - In March - $60 billion https://englundmacro.blogspot.com/2026/05/us-trade-deficit-in-march-60-billion.html America’s investment position with the rest of the world Is the world running away from American assets? Gillian Tett 20 February 2026 ht...