But John Maynard Keynes pointed out that surpluses lead to weak global aggregate demand countries running surpluses exert a negative externality on their trading partners. Indeed, Keynes believed that it was surplus countries, far more than deficit countries, that posed a threat to global prosperity he went so far as to recommend a tax on surplus countries.

Indeed, Keynes believed that it was surplus countries, far more than deficit countries, that posed a threat to global prosperity he went so far as to recommend a tax on surplus countries.

Indeed, countries from Singapore to Russia are running large surpluses.

And an unwillingness to trade away export led growth is having the same effect on the East s surplus countries (especially China).

But this adjustment of relative prices via currency movements is stalled, because surplus countries are resisting exchange rate appreciation in favor of imposing recessionary deflation on deficit countries.

But that misses the entire point surplus countries must contribute no less than deficit countries to global and regional rebalancing, because the world economy cannot export to outer space.

To maintain growth, over spending countries need nominal and real depreciation to improve trade balances, while surplus countries need to boost domestic demand, especially consumption.

The US is to reduce its deficit, with the surplus countries proposing sensible steps to bring down their surpluses in ways that support global growth.

But, with current account surpluses, renationalization of banking, by limiting the international transmission of financial shocks, can be a stabilizing force.

So bringing the savings rate down is necessary if domestic and external balances are to be achieved.

Trade is potentially a positive sum game, with all countries benefiting by exploiting their areas of comparative advantage.

That country has a trade surplus. It exports more than it imports.

Within the eurozone, this problem is exacerbated by the fact that Germany, with its large surpluses, can live with a stronger euro, whereas the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) cannot.

Indeed, countries from Singapore to Russia are running large surpluses.

While much of that investment will flow to the US, the surplus countries want to diversify their investment of these new net export earnings.

In that case, Germany s surplus means that the rest of Europe is in deficit.

You can only HIV by having unprotected sex with a positive person.

But the reality is that the IMF has no power over China (or any other country with a current account surplus) the final communiqué last weekend was arguably the lamest on record.

He was very positive, says Abbott.

Tom has tested positive for HIV.

With the global economy recovering, China s trade surplus began to grow.

The answer is that they may have done both.

If we take a worldwide perspective, it clearly did.

Urging large surplus, low debt countries to devalue is an invitation for beggar thy neighbor policies 1930s style, for a Chinese devaluation would trigger an outburst of devaluation across Asia, or at the very least the expectation of one. Asset prices would drop everywhere, including in Japan, and growth would fall.

Urging large surplus, low debt countries to devalue is an invitation for beggar thy neighbor policies 1930s style, for a Chinese devaluation would trigger an outburst of devaluation across Asia, or at the very least the expectation of one.

Countries that save too much export too much, according to conventional wisdom, resulting in high trade surpluses and growing foreign exchange reserves.

There is a cry for greater transparency in the way in which South Sudan is represented, positive or not

Indeed, the major powers now see these issues as zero sum games rather than positive sum games.

Indeed, if foreign owned enterprises exports are deducted from the total trade volume, the surplus vanishes, because both the overall balance of merchandise trade and the balance of trade in services normally run deficits.

He argued that ... an electron with negative energy moves in an external field as though it carries a positive charge.

As long as US assets were attractive to residents of surplus countries (or there was an acceptable chain of investments from surplus countries that ended in the US), these accumulations of reserves were sustainable.

In a global economy with deficient aggregate demand, current account surpluses are a problem.

Japan s trade balance fell into deficit in 2011, for the first time since 1980.

But the flip side of the trade surplus is the capital outflow.

If some countries, say, Japan and China, insist on running huge surpluses year after year, then other countries must run deficits.

The northern countries argue that permitting wage growth and boosting domestic demand would reduce their competitiveness and trade surplus. But that misses the entire point surplus countries must contribute no less than deficit countries to global and regional rebalancing, because the world economy cannot export to outer space.

The northern countries argue that permitting wage growth and boosting domestic demand would reduce their competitiveness and trade surplus.

Germany , Europe s largest exporter, has a very large trade surplus with the rest of the world.

It is a positive step that leaders of major developed economies are now meeting with leaders from the rising economic powers.

Good governance can enhance this positive sum game, and ensure that companies and individuals within countries partake of the benefits.

The US has complained about China s current account (trade) surpluses but, as a percentage of GDP, Germany s surplus is even greater.

In the imperfect world of politics, this middle ground would be a positive outcome.

Coming as a positive surprise to the markets, it would reverse their mood.

Tom just found out today that he is HIV positive.

But the year was far from entirely positive for the band.