The 'exorbitant privilege' — the US paying a lower return on its borrowing than it earns on its lending — is not unique to the US but shared by most advanced economies, while developing economies have the reverse; if the US retains this privilege, stabilizing its net liability/GDP ratio requires the goods-and-services deficit to shrink by 2% of GDP (implying a 15-20% real depreciation), but if it loses the privilege the deficit must shrink 3.5% of GDP (implying a 25-30% real depreciation).