China Has Officially Been Warned

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Timmy G scored a small victory today by not being openly laughed at by the Chinese when he declared, ""We are committed to taking measures to maintaining greater personal saving and to reducing the federal deficit to a sustainable level by 2013". To their credit, the Obama administration is being very forthcoming about the game plan to "sustainable" deficit levels by saying, "As Americans save more and Chinese are able to spend more, we can put growth on a more sustainable foundation".
However, what may be lost in translation for the Chinese is that our blueprint to health is to tag the collective 1,3 billion of them as 'it' in the game of which nation will allow its citizens to become punch drunk with leverage and spend outside their means. No doubt China will get a harsh lesson in American euphemisms as they digest the true meaning of TG's statement that, "the crisis has also highlighted the need for a different global growth path going forward".

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