Ben Bernanke (BB) thinks otherwise. He wants the eastern world to spend beyond their means to subsidise the imbalances caused by the western world. He says ‘progress can only be made to remove imbalances when Asians start saving ‘too little’ ’.
He wants every country to run a trillion dollar deficit. When every single country on the planet is precariously debt ridden (as bad as the US) the imbalances will wither away.