The logic of the financializers and de-industrializers

The current account can be in balance, the capital account can be in balance, or the two accounts can balance each other. 

It seems the logic of the financializers and de-industrializers of the American economy was to keep the current account in deficit while keeping the capital account in surplus. The real account was in deficit while the virtual account was in surplus. At the same time the financializers kept the domestic budget in deficit while keeping the credit supply in surplus. 

A budget deficit is a meaure of an imbalance in the flow of goods and services in the current time period; a credit surplus is a measure of an imbalance in the stock of seigniorage. Throwing flows into deficit balanced by stocks into surplus seems to be the fundamental mechanism of financializing the economy. 

The asset bubbles are the vehicles through which the unearned income entered the economic system. Inflating an asset bubble creates stocks that can be wasted into an unearned flow of value that can simulate income.