Trade deficits are often explained away by economic mismanagement. Surpluses are often cheered for a frugal people or political culture. Neither is true. A surplus is a sign of a suppressed working class where export income accumulates as profit and has a necessary counterparty deficit in another country that is prepared to serve a “stubborn” politically fueled perpetual imbalance. Two countries stand out on the surplus side: Germany and its insistence on balanced state budgets, a Euro shared interest rate regime in the EU — and of course China that has a severely suppressed worker and household income. Extremely important book.