Very interesting perspective on the US deficit

The United States as an Indebted Empire
Desmond Lachman/TCS Original Article

One has to be amazed at the complacency of US policymakers about the geo-political dimension of the large US balance of payments deficit. For so long as a large external deficit persists, foreign central banks will continue accumulating massive financial claims on the United States, which they could potentially use to express their displeasure about US policy abroad. The growing financial leverage that the US is presently conceding to its potential adversaries would seem to be reason enough for the US Administration to take the US balance of payments problem very much more seriously than it presently does.