Brad DeLong , as resourceful as ever, picks up an article on the horror that the world has to face with mounting U.S. deficits.

I can readily grasp the logic of the argument that, without non-japan asian countries, U.S. deficits would never have become as high as they are now. After all it takes two to tango!

But then from what we have seen of history, we know histories exist to repeat themselves. Nothing is ever learned or unlearned, even if they are, they are quickly forgotten in the light of “new” circumstances which are in fact not new at all. Perhaps there will be a crisis soon -after the oil crisis mongers quieten down.