Andy Xie writes: "The big change that happened is a rapid increase in the U.S. household savings rate. It happened much more quickly than I expected and has the potential to change the global economy."
Given that there has been no shift to a consumption model in either East Asia or Germany, the hibernation of the U.S consumer is still a major issue extant in the world economy.
If a country cannot consume what it produces, it is ultimately reliant on the 'kindness of strangers' to support domestic employment. Not a good idea in a world of nation states and stagnant growth.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment