Secondly, it's not that clear to me exactly what the US currently makes that the rest of the world will be queuing up to buy in preference to getting it elsewhere.
Changing that will take time, if its possible at all. So any correction of the deficit would come IMHO from a fall-off of US demand (aka a recession) as opposed to a rise in foreign demand for US exports.
Thirdly, I doubt whether this will be an orderly process, bearing in mind the mob psychology of markets.
Better keep whistling in the dark, I think.... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
