Pre-election, post-election. Any time is a good time to bash the US over its savings rate. Thus early in the month Jean-Claude Trichet of the European Central Bank warned that the US must "correct this lack of savings". Yet more warnings about the delinquent US saver were conveyed to John Snow, Treasury secretary, when he crossed the Atlantic last week.

The nasty current account deficit and the sliding dollar, Mr Snow was told, represented proof the US was in the wrong. Mr Snow smiled his big smile. The savings rate mattered but perhaps not the dollar.