>One major difference I see is that US banks have cut lending, credit lines, and raised interest rates. Meanwhile the Fed has bought down mortgage rates and government debt is expanding while stimulus has barely arrested the economic free-fall. The other difference is that Vietnam relies much more on exports than we do. They actually benefit from a weaker Dong.

That probably is the simplest explanation that works. With reduced lending, we have no efficient mechanism to get the money onto the street. They still do. Also, I am starting to see news stories about USD carry trade, something I recall you writing about awhile back. That might be starting to affect us too. Unfortunately, I am getting too busy again and can't look into the matter. I will not be posting for a few weeks, probably until December.