“Mr Cheng said the root cause of global imbalances is spending patterns in US (and UK) and China.
“’The US spends tomorrow's money today,’ he said. ‘We Chinese spend today's money tomorrow. That's why we have this financial crisis.’
“Yet the consequences are not symmetric.
“’He who goes borrowing, goes sorrowing,’ said Mr. Cheng.
“It was a quote from US founding father Benjamin Franklin.”