I suppose the fixation on America is due to it's status as a...

I suppose the fixation on America is due to it's status as a (once) world financial and military super power.

It's investment banks have their tentacles (a la exotic derivative products) in so many countries, states, municipalities, councils and charities that it will take everyone with it.

I suspect we all pretty much agree on the outcome and the argument between deflation and hyperinflation will be pretty well mute when we've lost our jobs and can't afford to keep our internet connected to actually argue the toss.