David Pilling, Financial Times | October 2, 2008
Asia's role in the financial crisis shouldn't be underestimated. ++ Endless liquidity coupled with cheap goods fueled America's "buy-now pay-later consumption," inflating the housing bubble in the process. ++ The overextension is as much a story of "Asian prudence" as it is of "US recklessness;" Meanwhile, China and others grew at astounding clips. ++ While there has been a relative shift of gravity eastwards, the story is more akin to "you lose, I lose." ++ The shock could help the US - if it learns to save more and spend less.