It would be very interesting to see what your thoughts are on the surplus of different oil exporting countries. For example Norway. How much of a surplus is just the sensible way of handling the cyclical nature of oil prices and how much is repression of domestic demand as China and Germany.
If I could ask, in the link to the Kiel working paper you provided about Germany's terrible track record of investing abroad, there is a table showing the US seems to have meanwhile an excellent track record at least between 1975 - 2020. What does this actually mean? Are Americans on average much more astute investors / businessmen abroad? Or is there something else going on? (You don't quite address this in the section about how America's current account deficit is not about superior returns). Thank you.
Stunning writing! I suggest reading this article and then jump on Marcello De Cecco masterpiece Money and Empire that reads it in terms of monetary flows.
It would be very interesting to see what your thoughts are on the surplus of different oil exporting countries. For example Norway. How much of a surplus is just the sensible way of handling the cyclical nature of oil prices and how much is repression of domestic demand as China and Germany.
Super illuminating thank you.
If I could ask, in the link to the Kiel working paper you provided about Germany's terrible track record of investing abroad, there is a table showing the US seems to have meanwhile an excellent track record at least between 1975 - 2020. What does this actually mean? Are Americans on average much more astute investors / businessmen abroad? Or is there something else going on? (You don't quite address this in the section about how America's current account deficit is not about superior returns). Thank you.
Stunning writing! I suggest reading this article and then jump on Marcello De Cecco masterpiece Money and Empire that reads it in terms of monetary flows.