America’s big fiscal deficits are a political choice not an economic necessity. The causes of global imbalances are not, then, as clear as some commentators allege https://www.economist.com/finance-and-economics/2026/04/16/global-imbalances-are-back-whos-to-blame?taid=58406bfe-75b0-4cd5-9611-f17d25bedf5e Illustration: Álvaro Bernis