The key condition for the United States to maintain strong growth

The United States bases its growth on a low savings rate (household, national), high investment in new technologies, and a permanent fiscal deficit. To maintain this situation , it needs to be able to run a large, ongoing external deficit (a current account deficit). Questions are often raised about the fact that China, Russia, Brazil, etc. no longer want to invest their foreign exchange reserves or denominate their trade in dollars. But as long as the world outside the United States has a current-account surplus, other countries will invest this surplus in the United States even if the above-mentioned countries no longer do so directly. The threat to the United States is therefore a reduction in the current-account surplus of countries with a surplus : the euro zone, OPEC countries, Russia, China and Japan. A reduction in these countries' current account surpluses would force the United States to run a smaller external deficit, affecting its ability to invest and support the economy through fiscal deficits. T his trend may come about as a result of population ageing, investments in ecological transition in Europe and China, investments in the arms industry in Russia, and the use by OPEC countries of their surplus savings to finance the investments needed to prepare their exit from oil and natural gas.