Officials must prepare for higher US saving: Geithner

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Tim Geithner, the US Treasury secretary, has cautioned that everyone must prepare for an economic era without high-spending American consumers.

Geithner said in an interview with Die Zeit, a German newspaper, which is due out Thursday, that everyone would have to "come to terms with" higher savings rates in the US, and acknowledged that this was going to change "the whole world's economic reality.

High-rolling US consumers fuelled global demand in the years leading up to the crisis. However, sav

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