Much has been written on the effects of imbalances in trade, current and financial accounts, saving and investment, and government tax-and-spending policies on international capital flows. Issues such as the over-dependence on foreign sources of financing, the creation of distortions in domestic financial markets and help in fueling eras of cheap and widely available credit are among them. Also involved are considerations of national exchange rate policies, be they intentional or consequential. Examples include China's 1994 devaluation and their 10-year alignment to the U.S. dollar as well as their current controlled adjustments, both up and down. Then there are the low-interest-rate, monetary stimuli of the U.S. and Japan. Weigh in on this discussion in the context of both how we got here and where we might be going.