$30million and $80 million. Two big numbers, and the end of the world as we have known it. The first number is the rate at which China is adding to its reserves of foreign currencies—mostly dollars—every hour. The second number is the rate at which America’s capital—as measured by the current account—is being depleted, also by the hour.

In early November, China’s pool of reserves passed the $1 trillion mark, making it the largest lake of money in the world. The United States has a chain of great lakes too. But they are a different kind—vast sinkholes of debt that get bigger every day. The cost of the war in Iraq alone is $8 million per hour.