After reading the WSJ article: "Germans, Prizing Virtues of Saving, Find Euro Bailouts Hard to Swallow", June 25, 2011, my brain was stimulated enough to make the following syllogisms:
Roughly speaking, it seems some people (eg Germans) are over-saving, some (eg Americans, Greeks, Irish, Portuguese, etc) are/were over-spending (consumer credit).
Some eg Germany, China, S. Korea, etc are over-exporting, others eg USA, Greece are/were under-exporting (or over-importing).
Please import these syllogisms and export your opinion:
Was Ricardo wrong?