Brad Setser's Web Log: Bretton Woods Two Lives: "Europe complains that it alone bears the burden of currency adjustment v. the dollar. Emerging Asian central banks could just as well complain that they alone are stuck with the burden of financing the United States."
They are not really stuck with it (apart from the institutional sense). When they decide to allow more flexibility in their currencies they will purchase less USD assets. This will also be the point when the adjustment of the US current account deficit starts to take place: US imports from Asia(making the vast bulk of the US defict) will become more expensive and US long term interest rates will rise. This is more likely to 'correct' the deficit than continued gains in EUR-USD.
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