The general problem with the trade deficit theories that apply very much to other nations is that due to dollar denominated debt and being the defacto reserve c

The general problem with the trade deficit theories that apply very much to other nations is that due to dollar denominated debt and being the defacto reserve currency of the world (oil is traded in dollars) the rules don't apply. If the world switches reserve currencies or stops buying US debt dollar denominated than this exception will no longer apply. Note that Venezuela is going to / has? started selling oil in euros and China is starting to purchase some US debt in non dollar denominated forms.