I've just had my attention drawn to a blog called the Smart Globalist. A current feature talks about the economic crisis underway, and some of its global aspects that aren't receiving a lot of discussion yet. From "Asia and Germany Need to Wake Up":
"The Anglos had a party by living beyond their means, and Asia began to get rich while Germany got even richer. But the Anglo consumers were borrowing heavily against their credit cards and the equity in their houses to pay for the party. There was bound to be a moment when they couldn't borrow any more.... It is because stimulus alone would simply perpetuate this unsustainable dynamic that rebalancing must be its companion.
....But the surplus countries need to boost their domestic demand as well. Indeed, because they have excess production capacity that can no longer be easily exported, they actually need more stimulus than the trade deficit countries. And this is where things are getting very difficult. So far, the surplus countries have been resisting.... Of course, friendly persuasion and enlightened self-interest are the preferred avenues. However, if China and other surplus countries insist on doubling down on their export-led growth strategies and resisting currency revaluation, the United States uniquely does hold and ace that can force their hands. It can export inflation...."