Which marbles?: comments on "Losing our marbles in the new century? The great rebalancing in historical perspective" by C. M. Meissner and A. N. Taylor

Meissner and Taylor do a splendid job of making the history of the last great globalization relevant to the current great rebalancing. In their admirably understated way, they have argued that there is no credible evidence supporting the status quo, and have shown that the savings and investment patterns that mark today’s US current account deficit pose more problems for adjustment than were faced when the offshoot countries reversed their current account deficits so painlessly a century ago. I agree with them on both counts, and have learned much from their evidence and explanations.