.http://www.monetary.org/wp-content/uploads/2016/03/money-creation-in-the-modern-economy.pdf
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf
http://dx.doi.org/10.1016/j.irfa.2014.07.015
The same can be said for the US’s overall external deficit. Unless the US can boost its savings rate relative to its internal investment needs, it will continue to need foreign capital inflows. And this, in turn, will require it to maintain a trade and current-account imbalance.
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