Ben Bernanke Thinks We Ought To Worry A Little Less via macroblog

macroblog: More Trade Deficits -- And Why Ben Bernanke Thinks We Ought To Worry A Little Less: "Most interesting, however, is that the experience of the United States in recent years is not so nearly unique among industrial countries as one might think initially... a number of key industrial countries other than the United States have seen their current accounts move substantially toward deficit since 1996, including France, Italy, Spain, Australia, and the United Kingdom"

One fact of the international scene is that the increase in current account positions of UK and Australia. The Australian current account deficit is even larger than that of the US (in terms of percent of GDP). It is also the case that many important developed nations are saving more - Germany, Japan. Unless we have a downward lurch in global output (which seems likely at some point) someone must do less saving to compensate.