Interesting article. It would be useful to allude to the segment of the current account which is largely underpinning the deficits i.e. goods, services, income payments or transfers. Going forward, if the US economy is adopting import-substitution measures, there could be some positive developments in the account.

Second, at a time when the global economy is experiencing immense volatility and US monetary authorities have exhausted all the conventional measures, I am wondering what you would prescribe in place of QE3. Thank you.