Don't Cry For Me, Argentina!

Brad DeLong and the Berkley Econ gang chow down at The Adagia for some econ chat with Alan Taylor:

"So if Britain with its structural trade surpluses could run up net foreign assets equal to twenty months' GDP by 1913, could the U.S. run up a net foreign liability balance equal to twenty months' GDP by 2023?"

"By symmetry, that would mean that the rest of the world would have to play the role of pre-World War I Britain. Yes, it could happen."

"And somebody would have to play the role of pre-World War I Argentina. Would that be the U.S?"

"Usually in international finance the role of Argentina is played by Argentina."
...

We shall see, I suppose.

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