Stephen S. Roach — China as Seen from a Glass House

Good analysis excepting this:

The plight of the US middle class has been framed as a blame game, with China and its alleged unfair trading practices singled out as the culprit. Yet the evidence points elsewhere: to a dramatic shortfall of domestic saving that leaves America dependent on surplus saving from abroad to fill the gap. The result is a multilateral trade deficit, with China and 101 other countries, required to provide the foreign capital needed for the balance of payments.

Project Syndicate
China as Seen from a Glass House

Stephen S. Roach, former Chairman of Morgan Stanley Asia and the firm's chief economist, now senior fellow at Yale University's Jackson Institute of Global Affairs and a senior lecturer at Yale's School of Management