Stephen Roach's recent comments seem to have started another round of hand wringing (not that he is saying anything that he hasn?t been saying for some time in a more guarded way). Respected investors like Gross and Buffet had been exhibiting a similar belief either through word or deed for quite some time now. (For a gallows humor perspective read this Daniel Gross story on John Snow)

If the subject interests you, Nouriel Roubini?s web page on US current account deficit seems to be a good place for keeping track of the big picture.

The Wikipedia entry on fiat money is nice reading.