The growing external deficits of the world's "sole superpower" have put the global economy on a path that is not merely unsustainable but also dangerously so. This has been the theme of my last two columns. US and Asian policymakers seem determined to take no decisive action in response. This is understandable, but a big mistake.

This year, according to last September's forecasts from the International Monetary Fund, the US deficit should reach $631bn (see chart). It will absorb close to a sixth of the rest of the world's gross savings. The biggest suppliers of funds are Japan ($159bn), "old Europe" (the eurozone, plus Denmark, Norway and Sweden) ($138bn), the Middle East ($104bn) and non-Japan Asia ($154bn).