Very few people understand the twin deficit, us can run both current account and fiscal account deficit via printing of dollars. For China, I don’t have the current data point but pretty sure they have balanced accounts, deficits are not something they are comfortable with, like any household. Rich assholes are the same everywhere, they are assholes, to hide from the local tax man. While us assholes put loopholes into the tax laws like Trump’s deductions and lower corporate tax rate, rich Chinese assholes choose to run.
this is where it gets interesting. US is at the forefront or near the forefront of huge technology and medical field, there may be a industries US is not good at and forced to import. But really the value of currency is ultimately measured by the certain country's ability to sustain itself, manufacture, innovate etc., If I web search, value of currency is traditionally defined with all sort of bullshit factors 'interest rate yad yada yada" but it really comes down to country's ability to innovate, produce.
You cannot fight the Federal Reserve printing trillions of dollars over and over. Most other countries are wising up and refusing to use the dollar. As more and more dollars get printed, inflation is only going to get worst, not better. Not all the innovation will save the average American. Most US technology companies have already shed tens of thousands of good paying jobs. This has happened multiple times in world history. Problem is nobody ever learns the hard lessons until, it is too late. When your problem is excessive spending, you budget and cut unnecessary expenses. US spending money like it will run out of style, in Ukraine alone, $100 billion with more coming.
I'm not so sure politicians are this dumb and never learn. They HAVE LEARNED, that liberals are in reality very greedy people. Which is why they will ALWAYS vote for hand-outs, even if it destroys the country. Socialism works... until you run out of everyone else's money. The printing happens because the well ran dry.
US Dollar is biggest financial terrorist in the world: Uday Kotak | ET Awards 2022 https://economictimes.indiatimes.co...y-kotak-et-awards-2022/videoshow/99848771.cms