Yes, the parable of the grasshopper and the ant shows more economic understanding than held by our quants. Or our Treasury Secretary or Fed Head.
The US has engaged in mercantilism before. In about 1973, ostensibly to fight inflation, Nixon embargoed the shipment of soybeans to Japan. The result was: the Japanese learned the US will do whatever it can to get foreigners to subsidize domestic consumption. When the Chinese learn this it's "look out below" for the dollar and long-term Treasury bonds.
I recommend reading Keynes' The General Theory, 1936. 365 pages of obfuscation. When I read it Keynes had me confused up to page 336, when I realized that Keynes was just recycling previously exploded mercantalist policies with new terms.