here we go again, page-10

Many economists will tell you that there is nothing wrong with trade deficits. After all, they will say, trade is mutually beneficial, so those foreigners who sell to Americans are benefitting as much as those Americans who buy the products.

It’s not a question of deficits in themselves: it’s a question of what one might bad deficits as against good deficits. To some economists, there is no such thing. Once again I beg to differ. They are wrong about this just as so many of them are wrong about economic growth and consumer spending.
I intend to stress that bad deficits are like the spots measles produce. They are symptoms, not causes. Now the bad deficit occurs when the central bank lets loose with the money supply, usually through our old enemy credit expansion. Now I have already discussed elsewhere how this monetary policy triggers booms and inflates asset values. But there is also the effect on the trade balance.
Inflating spending leads to an increased demand for imports. Eventually the demand grows, unless monetary policy is tightened, until it reaches the point where the central bank sees it as another warning signal that monetary policy needs to be tightened.

Just have to wait till the 18th and see what happens...