well, paul volcker -- been named may ring a bell. in 1971, paul volcker was an unknown working for another american. henry kissinger, who you may have heard of. before he became secretary of state. volcker's paper, which are when i read a few years ago, i thought it was the most remarkable document ever to emerge from washington in the last few years. looking at the emerging economies of the world -- primarily germany and japan at the time -- how will be paid back germany? he said we could not recycle our own surpluses. we must recycle other people's surpluses. and this is what happened and 1978.e mid-1970's the u.s. utilizing its trade deficit with the rest of the world has been operating like a huge vacuum cleaner. thus providing exporters -- germany, japan, or china -- with the requisite demand necessary. so, the ever expanding trade deficit was not an accident. it was a very clever way of replacing one that surplus recycling system with another. it was one where america had a surplus and america decided instead of doing what germ

well, paul volcker -- that name may ring a bell. in 1971, paul volcker was an unknown working for another american. henry kissinger, who you may have heard of. before he became secretary of state. he was still national security advisor. volcker's paper, which are when i read a few years ago, i thought it was the most remarkable document ever to emerge from washington in the last 50 years, 60 years. asked a simple question. now that america is losing its surplus, looking at the emerging economies of the world -- primarily germany and japan at the time -- how will we retain our hegemony? he said we could not recycle our own surpluses. we must recycle other people's surpluses. and this is what happened between the mid-1970's and 2008. the u.s. utilizing its trade deficit with the rest of the world has been operating like a huge vacuum cleaner. sucking into the united states the net exports of europe, japan, and lately china. thus providing exporters -- germany, japan, or china -- with the requisite demand necessary. to keep the factori