Written in 2004 (by an Austrian, of course)

"[Asian central banks] increasing purchases of U.S. assets make them increasingly vulnerable to heavy losses if the dollar falls, but the increasing U.S. current account deficit forces them to increase their purchases to prevent their currencies from rising. The longer this unsustainable process is allowed to continue the heavier losses that will be inflicted on both sides."
- America's Unsustainable Boom

More here. I love Austrian economics. I wish more journalists and pundits would do the same.