HardCharger,

I'm not sure if this is exactly what you had in mind, but here is a link to Buffett's 2003 Fortune article where he discusses the trade deficit:

Buffett 2003 Fortune Article 

In the article Buffett articulates his view that America is wasting its wealth by importing more than it produces & exports.  You will also find his "farm analogy" on the second column of the third page.  Although I think he has been using this analogy for a long time, he seems to have greatly increased his use of it in the past couple of years.

I'm not sure he quite hits the emerging markets angle you're looking for, but the implication is heavy in the air.  China is our largest creditor, and I think he mentions this near the end of the article.

'tato