It never fails. Every presentation or speech I have made on global rebalancing over the past three and a half years always ends with the same question: When will these global adjustments ever occur? This, of course, is a polite way of re-phrasing the toughest critique of the rebalancing call: The history of the last couple of years is littered with false alarms over the coming US current account adjustment. Call it the "boy-cries-wolf syndrome." The longer the world endures mounting imbalances without suffering any serious consequences, the more the financial-market consensus believes this disequilibrium is sustainable.