But its investment droughts in the US and the EU, which create the imbalance ... the savings accumulation in China is a necessary result of the Chinese government managing to keep growth going while those investment droughts were cemented in place by misguided US and EU policies.

The notion that investment and savings are two independent factors that come together in a market for loanable funds is the fairy tale that is used to distract from the investment drought and blame it on (1) a consequence, rather than a cause and (2) in a different country from the countries that the imbalance originates.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.