"Switzerland, Norway and Sweden -- can afford more expansionary fiscal and monetary policies. The three combined export more savings to the rest of the world than all of developing Asia does."
Can someone help me out because I may not be understanding something here. Is it actually the case that Switzerland, Norway, and Sweden, even given their own thin markets and relatively well off populations, export more savings (purchase more foreign securities?) than China and other Asian nations? (I assume the reference to "developing Asia" excludes Japan). I imagine they all - especially the big Swiss banks - buy lots of euros, but enough to surpass the Asian demand for US Treasuries?