Along the lines of this morning’s post on global imbalances, on some level it seems to me that if any countries are going to manage to muster the additional demand necessary to pull the world out of recession, it’s more likely to be the current account surplus countries than a huge deficit country such as the USA. Perhaps that’s wrong. But I thought I would look up the current account numbers and make a chart of the top ten surplus countries:
I don’t really know what follows from this. But Germany and Japan have spent the past 60 years playing a very passive role on the world stage in order to avoid ruffling feathers. But I think it might be better for the rest of us if they started thinking of themselves as forgiven and thinking about what kind of leadership role they can play in this situation.