Persistent U.S. current account deficits have translated into a rising level of indebtedness to other countries.
U.S. current account deficits have had no effect on other countries' indebtedness.
mnli hypothesis: U.S. current account deficits have had no effect on other countries' indebtedness. premise: Persistent U.S. current account deficits have translated into a rising level of indebtedness to other countries.