Bernanke urges US to learn from emerging nations - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Bernanke urges US to learn from emerging nations

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Federal Reserve Chairman Ben Bernanke addresses the Economic Club of Minnesota Thursday, Sept. 8, 2011 in Minneapolis. Federal Reserve Chairman Ben Bernanke addresses the Economic Club of Minnesota Thursday, Sept. 8, 2011 in Minneapolis.

WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke said Wednesday that the United States and other rich nations could re-learn a few lessons from developing countries: Adopt disciplined budget policies, embrace free trade, make public investments and support education.

In a largely academic speech in Cleveland, Bernanke spoke of the explosion of growth in emerging economies, such as China, India and Brazil.

But in his conclusion, he appeared to criticize U.S. lawmakers and others in developed countries who he says have failed to embrace some key economic principles.

"Advanced economies like the United States would do well to re-learn some of the lessons from the experiences of the emerging market economies, such as the importance of disciplined fiscal policies," said Bernanke, according to a transcript of the speech. He did not address the current state of the U.S. economy or Federal Reserve policies aimed at helping it during his speech.

In recent months, Bernanke has cautioned U.S. lawmakers against cutting deficits too quickly to reduce budget deficits. He has said that could put the fragile economy at risk.

In his speech, Bernanke suggests many emerging countries have enjoyed three decades of strong economic growth with support from their governments.

Emerging markets such as China now account for a large and growing share of the global economy, said Bernanke, so they need to act accordingly.

"With increasing size and influence comes greater responsibility," Bernanke said.

Emerging nations will be challenged in the future by their reliance on exports to drive growth, he said..

The Obama administration has been pushing the Group of 20 major economies, which includes traditional powers such as the United States and emerging economies such as China, Brazil and India, to do more to boost domestic demand rather than relying so heavily on obtaining economic growth from exports to rich nations.

Copyright 2011 The Associated Press.

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