Well said. Besides, why do they think China is able to finance America's consumption? Because they save so much while consuming so little while Americans consume so much and save so little. That simple.
I once saw where some politico said, "America's role in the world economy is to consume what others produce". Simple, see?
its all for shit. when the usa defaults on all the bond debt the chinese have been sucked into buying the last 30 years, it all gets flushed to zero.
Most of the world, except the US values saving. I have a lot of family from Europe and they don't have 30 year loans and 3-4 credit cards. A couple of them, one in the Czech Republic and one in Ireland both bought very nice homes with 1-5 year mortgages.