Foreigners’ willingness to accept dollars as payment for goods and services has indeed been remarkable. And the vast inflow of foreign savings has helped drive U.S. savings down. But the costs for the US are also remarkably high. In my recent book, my coauthors and I explore the costs of the trade deficit, and possible solutions, including the Import Credits idea. The publisher’s website www.idealtaxes.com has two or three sample chapters available for viewing. Just because foreigners (and foreign governments in particular) have seen it to be in their interests to manipulate the terms of trade doesn’t mean that this is a good thing for the U.S. economy.