China’s current-account surplus has declined, but now northern Europe runs a $500 billion surplus, while demand in southern Europe is collapsing and the US is running a deficit that is close to $500 billion. The longer-term challenge of climate change and extreme weather patterns also requires global cooperation and a post-election shift toward much stronger US engagement, which could unleash a multifaceted clean-energy revolution, fueling large job-creating investments and a new cycle of growth.