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But Europe, unlike the UK, isn't largely about banking and services, they still produce stuff.
Economies produce "stuff," and if you want more stuff to come out of the process, put more stuff in (like human capital, say).
That gave China one extra day to produce stuff in the first quarter of 2012 that it didn't have in the first quarter of this year.Many statistical authorities correct for such "calendar effects", or at least call attention to them.
Everyone in the branded content game has to work incredibly hard to produce "stuff" that is so compelling it finds an audience, and at the same time does a job for the brand.
Yet economies do not produce stuff so much as billions of distinct types of goods -- perhaps 10 billion, according to Eric Beinhocker of the McKinsey Global Institute -- ranging from size 34 dark stonewash boot-cut jeans to beauty therapies involving avocado.
"When this flow of capital from China to Australia severs, or comes to a natural end, the crash is going to be much much bigger and the foundations of the society – which are the sectors that produce stuff – are going to be much weaker.
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"Australia is switching away from producing stuff.
In short, America has not got better at producing stuff.
It's no use producing stuff with rubbish in it and reeds like a dog's hind leg," said Mr Lewis.
Writing from a place of safety produces stuff that is at best dull and at worst dishonest.
If everybody stops consuming and starts saving at the same time, there will be a lot fewer jobs producing stuff to consume.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com