The Balance of Payments crisis is one of the most common crisis that nations have been facing in the last century. BOP crisis have a mechanism of adjusting themselves, however it involves short term pain.
Governments and Peoples have been finding newer ways to delay the adjustment E.g. : QE, Keynesian stimulus etc. Every time a BOP crisis hit a developing nation, the IMF was quick to dole out tough medicine. For example the currency devaluation and reforms of the Asian tigers. However when the Doyens of Capitalism have now reached the same crisis, there is an overemphasis on how printing money and fiscal stimulus can delay the pain.
The presentation below tries to explain the BOP crisis , sans all complications. There are many factors which have been oversimplified to demonstrate the core issue.