The only thing that keeps the system working at all is that the United States, the richest country in the world, has become the 'deficit of last resort'. As other countries strive to eliminate their deficits, as Japan and China continue to run huge surpluses, America is willing and able to run the huge deficits that make the global arithmetic add up. This is the ultimate irony. The financial system allows the US to live year after year far beyond its means, even as the US Treasury, year after year, lectures others on why they should not.