We have run massive trade deficits since Reagan. Those ultimately either have to show up as national debt or personal debt. After 35 years, we're nearly maxing out both. Germany has a trade surplus (basically doing the same thing to the rest of the EU.)

edit:

http://cepr.net/blogs/beat-the-press/national-income-account...

http://www.dw.com/en/italian-pm-renzi-lashes-out-at-german-t...