From a Metafilter comment:
The entire global system, at this point, is built around Americans taking stuff they can’t pay for, and will never be able to pay for, but are nevertheless promising to by sending dollars overseas. No matter how many dollars ship out, we just make more, so our economy isn’t impacted by our foolish consumerism. The problem gets worse and worse, and doesn’t self-correct, because both sides are hiding it with currency manipulation. Once China finally figures out that this isn’t going to get better, and starts to dump their dollar holdings, they will take enormous economic damage. They’ll go through something very much like our Great Depression. Their economy is massively overbuilt to service our demand, while our economy is massively underbuilt. We are trying to spend far more than we actually have, and our steadfast refusal to face economic and fiscal reality in any way, shape, or form means first inflation, and then ultimately hyperinflation. We want it all now, all of it, everything, and fuck the people who come after.
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