You are correct, they won't. The American debt that they own will be paid, if at all, in hyperinflated dollars. And those economies have geared up to run on oil. Oil, the vast majority of which, is denominated in US dollars, produced at will by Helicopter Ben.

Beautifully put...This, ladies & gents, is the real meaning of Globalisation.

For good or bad, the sun is setting on the American Empire.

The faster those of us in westernised economies get through the "denial" stage (and the "handwringing" stage), the faster we will learn to adapt to this brave new world.

Meanwhile, we shouldn't think the Asians will have an easy time of it either - this is a global downturn.

But applause to them for being better prepared to weather it. Perhaps our westernised cultures - now that Goldilocks is dead - can learn from their more realistic approach.

PS: Thought-stoppers are feel-good slogans that never rely on facts or fundamentals for support.

Thought-Stoppers:
"The market will bounce back in..."
"Goldilocks economy"
"It's different here because..."
"Real estate always goes up"
"...in the long run"
"Too big to fail"
"The government won't let that happen"
"Rich retirees/rich foreigners/rich boomers will buy it up"
etc.