good piece on this here. www.rabobank.com/knowledge/d0... yes, it’s true that the decline in US NIIP has in recent years been driven by US asset outperformance. (dark antimatter) but in prior years was restrained by underperformance. (dark matter) 1/

one might call it oscillation around a center of gravity defined by the cumulative current account. so, yeah, if the current account can be stabilized at less than GDP growth, this center should continue to remain pretty stable. but that’s a pretty big if, absent some policy to stabilize it! /fin