There is still the catharsis to go through. What I'm referring to is a J-curve http://en.wikipedia.org/wiki/J_curve http://en.wikipedia.org/wiki/J_curve where

There is still the catharsis to go through. What I'm referring to is a J-curve http://en.wikipedia.org/wiki/J_curve http://en.wikipedia.org/wiki/J_curve where the currency gets smacked hard -- say 2-1 -- and the trade deficit gets worse because terms of trade changed and you can't get rid of oil dependence overnight. Exports recover because the American worker is closer to par, in terms of costs, with the Latin American and Chinese workers. But it won't be pretty, and it'll really, really hurt. Just as things are darkest just before the dawn, things'll get bleaker for a while before Americans see this through.