Good Lengthy Article About Global Economic Imbalances

"The Achilles' heel of the US economy is its over-dependency on cheap credit. Five years ago, the US experienced its largest stock price bubble since the 1920s with valuations of technology stocks set at ludicrously high levels. This bubble was driven by rapid money supply growth and was accompanied by a sharp increase in the private sector debt burden and current account deficit, both of whom reached new record levels."