I knew it…….
According to these nut jobs the dirty bastards did it on purpose! Saved all that money and bribed us to spend it on junk. No wonder were fucked up.
Can you believe these guys?
Personally sounds like ufo’s are responsible. No wait bigfoot.
Yea those sons a bitches.
WASHINGTON — In March 2005, a low-key Princeton economist who had become a Federal Reserve governor coined a novel theory to explain the growing tendency of Americans to borrow from foreigners, particularly the Chinese, to finance their heavy spending.
The problem, he said, was not that Americans spend too much, but that foreigners save too much. The Chinese have piled up so much excess savings that they lend money to the United States at low rates, underwriting American consumption.
This colossal credit cycle could not last forever, he said. But in a global economy, the transfer of Chinese money to America was a market phenomenon that would take years, even a decade, to work itself out. For now, he said, “we probably have little choice except to be patient.”