Text: Persistent U.S. current account deficits have translated into a rising level of indebtedness to other countries, i.e., net U.S. holdings of foreign assets (see figure 3.3).
Entailment: Current account deficits in the U.S. have caused the country to become more and more in debt with other countries as time goes on.
Contradiction: There are no negative consequences to U.S current account deficits.