New York Times Journalist, Thomas L. Friedman, Said China is not Going to Bail Us Out of This Economic Mess

Just like many of you, I have been reading Thomas L. Friedman's advice for a long time. In this OP-Ed, he wrote that Chinese are seen as savers and producers while we, westerners and specifically Americans, are seen as users, spenders and borrowers. In other words, we depend on cheap Chinese goods and credit to build our economy, homes and everything else. We used to depend on Japanese money and products to build a lot in this country. He has a surprise for us. He wants us to know that the Chinese may look inwards and forget about us in these hard times.

"China is not going to rescue us or the world economy. We’re going to have to get out of this crisis the old-fashioned way: by digging inside ourselves and getting back to basics — improving U.S. productivity, saving more, studying harder and inventing more stuff to export. The days of phony prosperity — I borrow cheap money from China to build a house and then borrow on that house to buy cheap paintings from China to decorate my walls and everybody is a winner — are over," T. L. Friedman wrote in the New York Times.

It is high time that we start saving our money instead of being only good consumers.