If Europeans and Asians and Austrialians made strong
efforts to keep the amount of traffic being sucked towards
them from the U.S. with things like web caching
hierarchies (haha, enjoy an international aspect to
copyright legislation battles) and mirroring, particularly
when this can be done without the total cooperation of end
users, then they would be under less pressure to acquire
more trans-Oceanic capacity from the U.S.
We do make large use of caching (including forcing our dialin users to
use it) and while it helps a lot it doesn't stop us still sucking down
a lot of traffic from the US (bear in mind that Europe is reachable
only via the US anyway).