Absolutely

Which is why the Chinese and Japanese seem desperate to prop up the dollar. But notice this is yet another Ponzi scheme, if I have my terminology correct. They're just scared of what will happen when the dollar tanks, even though it means that they get in deeper and deeper by accumulating more dollars, which means their situation will be even worse when the dollar finally pops. It's amazing to me -- first the Masters of the Universe totally blow it, and now we're witnessing the Chinese and Japanese (and Europeans, etc) in a mad dash off the cliff.

JR on Grist