The fallacy of consumption
Free Market News Network
by Peter Schiff
12/05/05
During the Christmas Shopping season all eyes are on the American consumer. If he spends lavishly, all is well; if he does not, disaster looms. In fact, Wall Street economists are so obsessed with consumption that they have hopelessly confused the tail with the dog. Consumption, over the long term, is only possible to the extent that there is production. It is not through financial courage and resiliency that Americans consume. The desire to do so is infinite and omnipresent. It exists equally from the wealthiest of kings to the poorest of beggars. Hunger itself will not put food on the table. Only production can transform abstract demand into genuine purchasing power...
http://www.fmnn.com/Analysis/96/3076/2005-12-05.asp?wid=96&nid=3076
Informant: Thomas L. Knapp
by Peter Schiff
12/05/05
During the Christmas Shopping season all eyes are on the American consumer. If he spends lavishly, all is well; if he does not, disaster looms. In fact, Wall Street economists are so obsessed with consumption that they have hopelessly confused the tail with the dog. Consumption, over the long term, is only possible to the extent that there is production. It is not through financial courage and resiliency that Americans consume. The desire to do so is infinite and omnipresent. It exists equally from the wealthiest of kings to the poorest of beggars. Hunger itself will not put food on the table. Only production can transform abstract demand into genuine purchasing power...
http://www.fmnn.com/Analysis/96/3076/2005-12-05.asp?wid=96&nid=3076
Informant: Thomas L. Knapp
Starmail - 5. Dez, 18:19
