"Since 1999, Emerging Markets have been financing industrial economies (including the United States). In most Emerging Markets, such as China, Brazil, India, Russia and South Africa, the current account (exports – imports) provides income which is then invested mostly in US government debt. The United States is then able to fund this deficit with these borrowings. This situations means many emerging economies have stronger fiscal positions than their Western rivals; they are the creditors financing the American budget deficit."
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