In a typical U.S. fashion, the good old Uncle picked himself up, dusted off and came back to lead the world economy and financial markets to new highs — after the most debilitating recession and banking debacle since the Great Depression.

And it did that with aplomb and generosity. During the first 10 months of this year, America bought $672 billion more goods and services than it sold to the rest of the world.

Arguably, nearly 80 percent of that net contribution to the world economic growth went to the wrong people. But that's the way it is — until a promised new policy brings different trade patterns.

Indeed, over those 10 months, U.S. trade generated a $140 billion surplus for wealthy Europe, and added a whopping $388 billion to net trade revenues of an increasingly wealthy East Asia.

In spite of that, the good Uncle did not even get a thank-you note. No, those we insist on calling friends, and some of them allies, keep tagging us as "trade protectionists," hell-bent on destroying "the liberal world trading system."