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I find the willingness to run surpluses far more curious.

Emerging markets are surprisingly happy to give vast amounts of oil, gold and manufactured products in exchange for claims on overseas assets that can be frozen or devalued at the stroke of a pen.

Aside from petroleum profiteers like Norway, Russia, Kuwait, etc., what countries don't run "systematic deficits"?

Then thay are better off doing it their own currency, so they don‘t even have to pay back.

well, they still have to pay the bond notes. The interest due on the US debt is around 40% of income tax.

The budget deficit represents the monetary value of everything the government spends money on (e.g., places, programs, assets, investments, etc.).

I was referring to trade deficits.

And I was not. The statement holds for both anyway, in cases of hegemonic, sovereign, fiat currencies.