I am not sure about miat42's grand game theory, but one thing is

when US economy goes down, everybody else will follow too. No matter it is China, Japan, EU, russia or whoelse, and because of the resilience of US economy and relatively uncorrupted governing system, US will recover much quicker and healthier than anybody else.If US goes to a deep recession, China economy will be a even deep trouble, if not troubled enough. The rising exchange rate is killing Chinese exporters and mass manufacturers. The high inflation will cause serious social-economical turmoil in China. I have to agree with miat42 "cream sucking" theory. Actually I think it is a great time to transfer asset from over priced real estate market of emerging market, like China, to US.
Just imagine, 2 single family homes in Pudong costing 25million RMB each, can buy you 600 acres of open land with 2/3 of mineral rights in northern Texas!! The mineral rights brings you cash flow and you can develop that 600 acres of land. Actually I am encouraging my chinese friend to do it and they were shocked to know the cheap land/housing price in US. As the exchange rate going further up, more smart chinese people will sell their overpriced second or third condo and buy houses or land in US in preparation for their retirement.

Bottom line, I agree with Miat42 that US will eventually get out of this in a very decent shape. Cannot say that for everybody else. I am extremely pessimistic about China's future. Somehow, it appears a meltdown will happen in recent future.