I should probably re-state what I wrote because I agree with you. Yes, in the long run, the model was not sustainable. We couldn’t keep running twin deficits forever. Everyone else in the producing nations should have realized this too, but there was money to be made.
0bama’s policies are not only bringing matters to a head, it seems he’s doing everything he can to tear down the existing world economic order, and make the calamity as bad as he possibly can. I don’t know whether he envisions building some “new world order” out of the ashes like Stalin, or whether, like Hitler from 1943 to 1945, he lusts after destruction for it’s own sake.
Or whether he’s like the dog who caught the car, and is now going “Oh crap! Now what do I do!?”
Not that I think your alternatives are unlikely, I just think this one belongs in the mix as well.