The article discusses how the US has been able to run persistent current account deficits without depleting its foreign assets by using mechanisms like Seigniorage and valuation effects. These mechanisms allow the US to transfer wealth from the world and maintain its net foreign bond holdings, but also lead to a continuous deterioration of its current account. This unique position of the US in the world economy contributed to the financial crisis of 2007-2009. The research suggests that the emergence of a multi-polar world with multiple reserve currencies may change this dynamic in the future.