GGG, I think it's even worse than that, I think it's about 'wealth' being transferred from West to East and us borrowing to maintain consumptive lifestyles. Why else would we see our debt rocket over a short period? We used debt to load up the economy at a time of what was supposed to be the peak part of the economic cycle. Private sector jobs and businesses should have been expanding but instead we saw a massive increase in the public sector which was used as a smoke screen to hide the real position. We shouldn't have had the 'boom' now we are probably passed the point of being able to get public finances back into any sort of order. All that public sector stuff carries its own fiscal toxicity and we only have to consider pension liabilities and PFI, when those chickens come home to roost, game over! 20-30 years ago we happily allowed outsourcing of jobs to places where wages were a bowel of rice a day. Now those workers want their own Mercs, 50 inch plasma's and home ownership. For a fiscal system to work there has to be a finite amount of available 'cash', taking this globally for every Chinese worker who buys a new car there has to be a corresponding drop somewhere else and that has to be over here. That is the equation we have indebted ourselves trying to square. Now we see the likes of China, and India to some extent, buying 'continuation of supply' in the likes of rare commodities and minerals and once they start to service their own domestic markets we will never be able to compete for raw materials so our already depleted manufacturing sector will become even more moribund. There is not one Western Government grasping the nettle, with the possible exception of Germany and their increasing trade using quality and performance. The rest are happily printing money, trying to hide debt and imposing austerity measures which will be detrimental to the economic activity needed to actually build our way out of the mess. I don't have the answers but I do know what is happening is wrong!