The end of BWII?

Some observers, however, are now warning this financial lifeline may be in jeopardy given recent events. Ambrose Evans-Pritchard reporting on a Merrill Lynch paper writes the "US faces global funding crisis." From his article:
Merrill Lynch has warned that the United States could face a foreign "financing crisis" within months as the full consequences of the Fannie Mae and Freddie Mac mortgage debacle spread through the worldThe country depends on Asian, Russian and Middle Eastern investors to fund much of its $700bn (£350bn) current account deficit, leaving it far more vulnerable to a collapse of confidence than Japan in the early 1990s after the Nikkei bubble burst.The main point of the Merrill Lynch report is that the recent spate of bad economic news may be the tipping point for the end of this global financing arrangement, popularly known as Bretton Woods II (BWII). Nouriel Roubini makes similar points here. So what do you think?
Is this really the end of BWII?
http://macromarketmusings.blogspot.com/2008/07/could-this-be-tipping-point_16.html