Foreigners to blame not Wall Street?

Thought provoking article in Time this week that suggests, we should Blame China, Saudi Arabia and, yes, Canada instead of Wall Street.

I'm not sure if I can agree that Wall Street or the banking industry is innocent, but it raises some interesting questions as to should they bear the full brunt of responsibility:

Much of the fault of the financial crisis has been heaped on Wall Streeters, unscrupulous mortgage lenders and weak regulators. But in a new research paper, economist Ricardo Caballero says there is another major group of contributors to America's monetary mess who are not getting the blame they deserve: foreigners.

"There is no doubt that the pressure on the U.S. financial system [that led to the financial crisis] came from abroad," says Caballero, who is the head of MIT's economics department. "Foreign investors created a demand for assets that was difficult for the U.S. financial sector to produce. All they wanted were safe assets, and [their ensuing purchases] made the U.S. unsafe."