The willingness of taxpayers to pay 3%

The most fundamental reason that the U.S. runs persistent current-account deficits is that America remains a relatively attractive place to invest.

The government has great plans for us, Don Bourdeaux,  and our willingness to pay 3% on government debt is quite an enticement for a trade deficit.  

So, Don, our trade deficit is a result of the great  opportunity to invest in Congress; which sounds a bit unsustainable.  The usual method of rebalance is devaluation. Remember the Nixon devaluation, or the FDR devaluation? When the devaluation comes you will be crying and screaming.

Don has the hidden agenda, reform Congressional budgeting via competitive trade. Instead we get devaluation, always, and I  am not sure he is reading history correctly.