Those Monty Python boys are still brilliant.
Don from Cafe Hayek addresses the trade deficit. I must quibble with the quibble though. He suggests that the US savings rate doesn't matter, that only the world savings rate does. There's some truth there, but it is an exaggeration. The actions of people closer to me economically matter more to me economically than people further away. Generally speaking, though certainly not always, this means the first matters more than the second: townies vs. people who live in Watertown; Massholes vs. Californians; Americans vs. Germans.