Yves Smith said it fast and clear in her response to this part of a series in the NYT explaining the financial woes of the US. Two famous men, Kenneth Rogoff and Ben Bernanke, are given star billing. Yves post is worth reading.
Here are some links to Angry Bear posts on the trade deficit and the current crisis, and the “we did not know until 2005 and too late” tone of the article. China lulled us into spending?? And the rest of the world was not so much? And who was working for US interests as a whole somehow? No one?
There are many more from years ago in the archives.