True. I think that looking for example at the NIIP (US claims on foreign assets - foreign claims on US assets) or the trade deficit (how much the foreigners len

True. I think that looking for example at the NIIP (US claims on foreign assets - foreign claims on US assets) or the trade deficit (how much the foreigners lend to the entire country [govt+private]) are much more important long term than any of the govt internal accounting numbers, such as the size of the Fed balance sheet.