Posted AT 11:28 PM EST on 09/10/08
China should save less, spend more
As U.S. Treasury Secretary, Henry Paulson has made a practice of lecturing China about its economic sins. The Chinese, he says, are saving too much and spending too little. If China wants a modern economy, it should encourage its citizens to be more like Americans and open their wallets.
We can all have a good chuckle about that now. In the midst of a global financial crisis blamed largely on overspending, under-saving Americans, Mr. Paulson's preaching rings hollow.
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