Tax dodging explains the US external balance sheet

A Big Borrower and a Giant Corporate Tax Dodge? How Best to Describe the U.S. External Balance Sheet

At the end of the day, perhaps, the equity side of the U.S. external balance sheet should be understood not by thinking of the U.S. as a giant and very successful private equity fund that borrows to buy equity—but rather as one giant corporate tax dodge for U.S. based multinationals…

The high value intellectual property is kept in foreign nations.  So that shows up as a foreign holdings.   

What happens in the long term? The money either comes back to the USA as dividends or the wealthy go live in foreign tax dodges.  But that is a very long term, longer than the US government can stay solvent.