The comparison with China is invalid. There is a finite - and clearly visible - limit to export-led growth. China is simply to big. China needs growth to be domestic-led - just that the United States needs to be domestically driven, more so the US, given the structure of its economy.



But there will be obvious consequences for the EU. Payments need to be made, the euro will be under strain, fundamentally, as it soars against the dollar. The US will restructure, repoise, rebalance - in effect, become stronger. The EU will remain as it is.