Sometimes it feels to "us" (me) (Americans) that the "China problem" (trade imbalance) is all about cheap goods aimed for Wal*Mart's shelves here in Rutland VT. True, but there's much more to it—and it's much more universal than it seems to "us."
Consider: The European Union's trade deficit with China is growing at 15,000,000 Euros (about $22,000,000) per ... hour.
(That's about $6,000 per second if you do the math.)
Welcome to 2008!*
(*As if the possibility of 60 or so loose nucs in Pakistan were not enough to extend your NY's Day hangover—hey, it lowers our fear of Iran's "someday" nucs.)
(Speaking of "Welcome 2008," the picture above is our Grey Meadow Farm on 1 January 2008.)