Don't forget what I discovered that over ninety percent of all national deficits from 1921 to 1939 were caused by payments for past, present, and future wars. ↗
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments. ↗
The United States as usual has a sizable deficit in the current account of its balance of payments, trade account and other current accounts, current account items. ↗