Periods of strong growth in the United States are always periods when the US external deficit increases due to a shortfall in savings in the United States, and when the Americans therefore spend savings other countries ’ savings . This is still the case at present due to the fiscal policy implemented by the Trump administration. Is it credible that the United States could persistently have strong growth by spending other countries ’ savings ? Even if this situation has lasted since the 1970s, it could be interrupted, just as a similar situation was interrupted for the peripheral euro-zone countries in 2008-2009.
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Natixis
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