As was mentioned, this sets up a difficult quandary - either investment will have to decrease, lowering future productivity, or international borrowing will have to continue at high levels, raising international liability ratios. The real question is whether the large-scale borrowing is sustainable.
The historical record for the United States, presented in a form similar to that for budget deficits, is shown in figure 3. Again, the dotted line is the primary deficit ratio, which in the case of international accounts is just the trade deficit.