LewRockwell.com: Greenspan: 'The Devil Made Me Do It!'

This article by Gray Norh is a very interesting analysis of the current accont deficit, worth reading. He focusses on the long term impact of the current account deficit. He also thinks that the problem of the current account deficit is not so much the trade deficit. It's
i)the buy now pay later mentality and
ii) the buying of asian goods since they are cheaper than US goods and
iii) they are cheaper because Asia pegs their currency too low to the dollar which actually means Asia has dumping prices.
iv) this problem can not be resolved by depreciation of the dollar since Japan and especially China can afford the depreciation much longer than europe since Asian economy is doing much better for the time beeing.

The result of all this will be, that US manufacturing is destroyed to the favor of the asian manufacturing.

I don't know what this will mean for the US, but I think Asia will have kind of a monopol on manufacturing and this means rising prices and complete dependency on asian counries. Fact is that asia sucked-up/stole western know-how and destroyed western manufacturing by means of cheap labor and pegging their currency at low prices to the dollar. Future manufacturing in the US will be owned by Asia. For some reason I don't like this cause we'll loose influence.
The advantage of all this is that we all get cheap goods from asia and we don't need to pay for it, since liquidity created is financed by China and Japan. But this might only be a temporary thing and after this we are slaves of asia and not the other way round any more.