Complicating the evaluation of the timing of a turnaround is that deficit countries, both developed and emerging, borrow in international markets largely in dollars rather than in their domestic currency. The United States has been rare in its ability to finance its external deficit in a reserve currency.
I will let you in on an industry secret: No one has ever, in the pursuit of great oratory, said, "This is a job for an economist!" In the end, I realized that the most important lessons I have learned were exemplified by my family's story-both my biological family and my MSU family.