The current account deficit will never matter as long as the dollar is the de facto international currency. Rumblings that the XYZ currency will overtake the dollar have some basis to them, but this transition will be a process and not an event. That process will be slowed by a rise in interest rates here in the US, caused as you mention by our current loose monetary policy. Rising interest rates are bad for US consumers, but great for foreign investors. The T-bill market will only benefit from a rise in rates, meaning foreign money will continue to flow into the US, buoying our domestic spending.