Heart of Britain's economy feeling crunch of credit crisis
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#1 Feb 14, 2008
The American financial crisis is the reason forthe European problem,of overspending?
Just like the USA, the government policy of lowering interest rates to spur spemding may very well be part of the problem.
If excessive credit card balances are a cause, for what reason are we lowering the interest rates to spur more spending?
In late November, I was listening to an American econonmist, analyzing the world economic situation on the emglish language Chinese station, while iI was in China.
The economist was saying that the WEST (USA and Europe) needed to spur spending, to avoid recession, while at the same time the Chinese needed to encourage saving, to avoid inflation?
When the interviewer questioned this analysis, saying maybe the WEST should increase savings, ad the average Chinese worker saved 30% of their income while the Average worker in the west was not saving at all, the response from the eonomist was unintelligible gobbleygook?
Reading this article, waslikelistening to the American economist in China.
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