There's a long way to go down to normalize this situation. I'm not saying this will happen, but the downside potential is enormous.
Also, don't forget about the 50% of US GDP ($11T) that have been loaded into US capital markets (both debt and equity) by foreigners. This is also hugely out of balance:
https://fred.stlouisfed.org/series/IIPUSNETIQ
There's a long way to go down to normalize this situation. I'm not saying this will happen, but the downside potential is enormous.
Also, don't forget about the 50% of US GDP ($11T) that have been loaded into US capital markets (both debt and equity) by foreigners. This is also hugely out of balance: https://fred.stlouisfed.org/series/IIPUSNETIQ