BGR:
Horsefeathers, my lad. "From an accounting perspective", is exactly the kind of silly statement that allows the non-thinking herd to be taken in by "chained dollars" and GAAP.
Most foreign economies were devastated two years ago. The only visible route out of the hole was to export to whoever could still buy. Desperation is a tiny bit different from "investing".
The U.S. has been the buyer of last resort,..... which would be acceptable, were it not for the fact that this purchasing is being done with a staggering mountain of ever expanding debt, provided from an exploding money supply that has little relation to real U.S. GDP. The rising bond yields and expanding foreign exodus from treasuries suggests that, as desperate as things still are for foreigners, they are reducing their exposure to the U.S. "promise-to-repay". I'll bet you don't worry about this either.
Have a little browse through a bit of economic history and find me ANY past situation where a mounting trade deficit did not result in "negative currency pressure". While you are at it, find me any situation that witnessed so parabolic a rise. Do you really think it is different this time?
The economy of the U.S. was viewed as doing "rather well" by most back in 1929, and the herd believed in similar "new era" baloney. A small group of pros who had done some homework, vociferously cited a growing list of facts that suggested a bubble. History has provided the proof as to which group of observers was the more accurate. An economy that has a negative savings rate, and that requires a massive and increasing level of credit provision to function, is an accident waiting to happen.
Best, Earlie
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