Traderfirstyear - Investment Note How Covid19 will lead to persistent structural imbalances in the Global Trading System post Epidemic. The US Current Account Deficit in 2019 was a little under 2.5% of Real GDP (output), but fell to a low of 1.9% following the pandemic in Q1 of 2020. While some of this represented a faster fall off in imports of Goods relative to the pace of exports. It also represented a sharp fall in consumption and a rapid rise in US savings at both the Household and Corporate Levels. However, the net Savings will not offset the US Federal Government has a Net Debtor, which is likely to persist for the next decade. The ability or willingness of Germany, Japan, and China to reduce these persistent and structural imbalances will require a substantial shift in their high savings rates and relatively low domestic consumption. I see a major issue near term due to investments. The fact remains the US is by far the #1 Global Destination for Investment. $SPY $DIA $QQQ