In the short term, it was all too tempting. The savings of Asian and oil-exporting countries have helped fuel the current boom. Their purchases of western government bonds have funded the external deficits created by profligate consumers and lowered real interest rates, boosting asset prices.

But the long-term consequences of the bargain are now clearer. Non-US official entities now hold 30 per cent of all Treasuries and they are, quite rationally, keen to diversify. Sovereign reserves stand at $5,500bn – or 29 per cent of US market capitalisation. Governments are moving from lending to the west to owning chunks of it.