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USA growing international debts with growing deficits via American consumers might be saving the nations of the East plus OPEC nations from major inflation---- as long as global domestic turmoil and geopolitical risks can be continued----- hmmm,

lemee get this straight----- reelect GB and save China and Arabia---- and maybe even Venezuela.
ain't economics great.... and continued geopolitical risks....

Petrodollars And Rising Global Savings
09:41:00, August 19, 2004
The rapid accumulation of petrodollars has become a new source of global savings.

High and rising oil prices have generated ballooning export revenues in oil exporting nations. However, escalating domestic turmoil and geopolitical risks in the major oil producing countries have prevented both consumer and business spending from taking off in these economies. The result is surging external surpluses. Overall, petrodollars have become another major source of global savings. Together with the rising current account surpluses in Asia, petrodollars will ensure that there is no shortage of global savings. Importantly, U.S. domestic demand is the only escape route to absorb global savings excesses. Bottom line: Global savings are plentiful and the U.S. should not have a problem financing its large current account deficit.
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