Thomas
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The problem is always more severe with undersupply than oversupply. Our economy is far less export oriented than Germany, South Korea, Japan and other US "allies". A US collapse would hurt us, but the US would be completely gone, and so would its attack dogs.
Then you must be much smarter then then many of the worlds economists.
First we are not talking just about a U.S. collpase. The current world financial problems are nothing compared to what could happen. Even during the depression of the 1930's which was worse then the current mess. Things could have been much worse.
If the U.S. reaches a point of total collapse there would be a domino effect through-out the world. China's exports would slow to a trickle. and it would lose trillions in foriegn investment.
However all the countries of the world would survive. Though many will experience political upheavel. Also don't forget, currently as large as you believe China's economy to be. It is still only about 1/3 of what the U.S. is.