As if all this were not enough, as the Davos meeting opened, America’s House of Representatives passed a bill requiring American steel to be used in stimulus spending, despite the G-20’s call to avoid protectionism in response to the crisis. To this litany of concerns we can add the fear of borrowers that the massive American deficits would drain the supply of global savings, and worries of holders of US dollar reserves, that America may be tempted to inflate away its debt.