{"id":11751,"date":"2015-04-29T03:23:42","date_gmt":"2015-04-29T07:23:42","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11751"},"modified":"2015-04-29T03:23:42","modified_gmt":"2015-04-29T07:23:42","slug":"us-current-account-haemorrhage","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/","title":{"rendered":"US current account haemorrhage"},"content":{"rendered":"<p>Further to last week&#8217;s post on the <a href=\"http:\/\/goldstocksforex.com\/2015\/04\/21\/us-asia-trade-imbalance\/\" title=\"US-Asia Trade Imbalance\" target=\"_blank\">US-Asia trade imbalance<\/a>, here is the impact on the US current account (seasonally adjusted annual rate) over the last two decades. The last quarter shows reversal to an annual deficit greater than $500 billion.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"283\" alt=\"US Current Account\" title=\"US Current Account\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current.png?resize=525%2C283&#038;ssl=1\" \/><\/p>\n<p>The deficit remains at 3 percent of nominal GDP. This is clearly unsustainable.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" width=\"525\" height=\"281\" alt=\"US Current Account as % of NGDP\" title=\"US Current Account as % of NGDP\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current-gdp.png?resize=525%2C281&#038;ssl=1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Further to last week&#8217;s post on the US-Asia trade imbalance, here is the impact on the US current account (seasonally adjusted annual rate) over the last two decades. The last quarter shows reversal to an annual deficit greater than $500 billion. The deficit remains at 3 percent of nominal GDP. This is clearly unsustainable.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,5,17,34],"tags":[663,928,1934,3453,3570],"class_list":["post-11751","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-economy","category-japan-korea","category-us-canada-countries-regions","tag-china","tag-current-account-deficit","tag-japan","tag-trade-imbalance","tag-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US current account haemorrhage - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US current account haemorrhage - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Further to last week&#8217;s post on the US-Asia trade imbalance, here is the impact on the US current account (seasonally adjusted annual rate) over the last two decades. The last quarter shows reversal to an annual deficit greater than $500 billion. The deficit remains at 3 percent of nominal GDP. This is clearly unsustainable.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-29T07:23:42+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2015\/2015-04-29-current.png\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"US current account haemorrhage\",\"datePublished\":\"2015-04-29T07:23:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/\"},\"wordCount\":56,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current.png\",\"keywords\":[\"China\",\"current account deficit\",\"Japan\",\"trade imbalance\",\"USA\"],\"articleSection\":[\"China &amp; HK\",\"Economy\",\"Japan &amp; Korea\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/\",\"name\":\"US current account haemorrhage - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current.png\",\"datePublished\":\"2015-04-29T07:23:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/#primaryimage\",\"url\":\"https:\/\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current.png\",\"contentUrl\":\"https:\/\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US current account haemorrhage\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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One item that stands out like a sore thumb is the trade imbalance between the US and Asia: The trade balance between most countries and the US is close to equilibrium, where imports match exports: Mexico:\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"US External Trade","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-22-xm.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":12223,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/22\/chinas-dangerous-currency-manipulation\/","url_meta":{"origin":11751,"position":1},"title":"China&#8217;s dangerous currency manipulation","author":"ColinTwiggs","date":"August 22, 2015","format":false,"excerpt":"I am surprised at John Mauldin's view in his latest newsletter Playing the Chinese Trump Card: ....This whole myth that China has purposely kept their currency undervalued needs to be completely excised from the economic discussion. First off, the two largest currency-manipulating central banks currently at work in the world\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Foreign Reserves","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-fxreserves.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":11531,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/02\/09\/sectoral-imbalances-the-purple-jobs-eater\/","url_meta":{"origin":11751,"position":2},"title":"Sectoral imbalances: Where have all the jobs gone?","author":"ColinTwiggs","date":"February 9, 2015","format":false,"excerpt":"Great post on Twitter from Naufal Sanaullah depicting US sectoral balances using UK economist Wynne Godley's analytical framework. The key to understanding Godley's analysis is that the sum of the four sectors is always zero. If one sector runs a deficit, it must be funded by a surplus in another\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Output Gap: Wikipedia","src":"http:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/0\/0a\/Actual_potential_GDP_output_gap_CBO_Jan_09_outlook.png\/250px-Actual_potential_GDP_output_gap_CBO_Jan_09_outlook.png","width":350,"height":200},"classes":[]},{"id":47634,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/01\/24\/the-shell-game\/","url_meta":{"origin":11751,"position":3},"title":"The shell game","author":"Colin Twiggs","date":"January 24, 2024","format":false,"excerpt":"An interesting discussion with Prof. Percy Allan from University of Technology, Sydney regarding what caused declining economic growth in recent decades. The chart below shows how real GDP growth in the US declined over the past sixty years -- from a 10-year average above 4.0% to a low of 2.2%\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Real GDP Growth","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-01-24-realgdp.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":16148,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/03\/27\/trumps-trade-war\/","url_meta":{"origin":11751,"position":4},"title":"Trump&#8217;s Trade War","author":"Colin Twiggs","date":"March 27, 2018","format":false,"excerpt":"First, let me correct the implication that this is a trade war started by Donald Trump. It is not. His is only the first significant response by the US in a trade war initiated by China more than a decade ago, in the early 2000s. In 2011 I warned of\u2026","rel":"","context":"In &quot;International Trade&quot;","block_context":{"text":"International Trade","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/international-trade\/"},"img":{"alt_text":"Foreign Direct Investment in US","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/foreign-inv.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/foreign-inv.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/foreign-inv.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":2556,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/frbsf-economic-letter-asset-price-booms-and-current-account-deficits-2011-37-1252011\/","url_meta":{"origin":11751,"position":5},"title":"FRBSF Economic Letter: Asset Price Booms and Current Account Deficits","author":"ColinTwiggs","date":"December 6, 2011","format":false,"excerpt":"Just as the United States was not the only country posting a large current account deficit, so too it was not the only country that experienced asset price booms. Figure 2 shows that countries with large current account deficits in 2006 also tended to have larger house price increases. Of\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=11751"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11751\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=11751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=11751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=11751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}