With the dollar touching new lows against the euro almost every day, the United States’ trade deficit, running at about $600 billion a year, is much in the news. This article from the New York Times (requires free registration), which tracks the 22-day journey of the enormous Korean-registered container ship Hyundai Glory from China to New York, makes you realise how this debt is being racked up day by day:”…the mounting Asian trade has been largely a one-way affair. After unloading 1,120 containers from the Glory, the longshoremen reloaded the ship for the return trip. Of 667 containers to be sent back, 419 were empty, being returned to Asia to carry more goods back to the United States. Of the rest, most were stuffed with two of New York’s biggest exports: wastepaper and scrap metal.”Meanwhile, with more good news, the arch bear of Wall Street, Stephen Roach of Morgan Stanley is apparently predicting a 90% chance of the U.S. stumbling into “economic Armageddon” (Boston Herald via Blogdex (a very handy site, by the way.))