Jerome, your Anglo Disease theory (to the limited extent I actually understand it) seems to imply that, as a result of cheap money, external deficits and capital inflows, the US and UK have been disproportionately responsible for creating the conditions under which the current dislocation has taken place.

Does that plausible conclusion imply that the rest of the world will, to some unknown extent, now have to detach itself from the Anglo system, thereby dethroning the dollar as the world reserve currency and gradually moving New York and London awau from the world's key finance paths?

If such a detachment does begin to take place, should we expect, for example, failing US Treasury auctions and a bankrupt Treasury, in fact if not in name? A rising fraction of international business transacted entirely in non-dollar currencies?