on the US dollar to anchor its undervalued currency, allowing it to boost its export competitiveness. In the end, however, this codependency was a marriage of convenience, not of love. If America remains stuck in its under-saving ways but finds itself without Chinese goods and capital, it will suffer higher inflation, rising interest rates, and a weaker dollar. Though the likely answer is yes, the downside risks seem higher than they did a few decades ago. All of these problems have solutions, at least in the short to medium run. Or perhaps this innovation is less significant than its enthusiasts believe. It is telling that most of the symposium's 47 participants – influential public- and private-sector figures from around the world – were unaware of the extent to