A picture to ponder

From Brad Setser, a chart of global current accounts. You see the only bar that's in negative? That's us. Yep.

What can't go on forever doesn't, right?

And talking about things that can't go on forever, keep an eye on Calculated Risk -- the big story on the housing front right now is ballooning inventories and reduced transaction volumes, even as average prices are still creeping upwards.