Rest of world gets sick of propping up Bush's deficit
by John Garnaut, Sydney Morning Herald

But some, such as Australia's top econocrat, Treasury Secretary Ken Henry, believes a dramatic crunch could come when the central banks of China and Japan decide to stop paying the bills for Greenspan and Bush.

In June, Henry said America's budget and current account deficits amounted to a "substantial risk for international financial stability".

If, or when, the rest of the world decides to stop funnelling the $US2 billion per working day that the US needs to pay for its spending, Henry says we're all in for "an economic adjustment of major proportions".

Full story here.