15 That would be the case at least in the long run if the higher interest rate level affects all assets and liabilities. It would eat up the 2005 interest income balance, which was no more than $ billion.
In the final analysis, the “dark matter” theory does not provide a compelling reason why the USA and, with it, the world economy should be immune to risks of persistently large current account deficits. V  Implications  Coming to the policy implications, let me first note that globalisation by no means automatically gives rise to imbalances.