Friday, Feb 02, 2007
People are saving at the lowest level since the Great Depression.....
nwsource.com: Few pennies saved: Americans spending more than they earn
The 1 percent negative savings rate in 2006 followed a 0.4 percent negative rate in 2005. There have been only four years in history that the savings rate has fallen into negative territory. The other two were 1932 and 1933 during the Great Depression.
Posted by cashisking @ 08:53 AM (171 views) Add Comment
3 Comments
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1. dohousescrashinthewoods said...
There are a few economic indicators akin to recession and the great depression.
Given the gargantuan size of US government debt (and the UK too) and the massive trade imbalance with China et al. I wouldn't be too surprised to see a colossal global financial meltdown. Apparently meetings in Davos has seen lively debate about whether the global financial system is stable, given the masses of derivatives and hedge funds milling around out of sight and regulation.
HPC may be small fry if what looks like artificial props keeping market forces dammed up give way - it has been building pressure for many years. Doomsayers are blogging that this could be "it", the "big one", the end of the Western Empire, swelled up with virtual money and no basis in reality. I wouldn't go that far but, keeping head down, eyes open, no debts and emigration a clear and present option just in case.
2. Orwell said...
A mate of mine was saying that chinese inflation on uk goods is 20% that can't be true can it? (i.e. they are rising 20% a year?)
3. enuii said...
waitingforhpc, covered this yesterday as he works for a UK manufacturer whose general raw material costs have risen 35% during the last year with chinese sourced ones rising 20% so it looks like your mate is right. The chinese price goods low to corner the market and eliminate the competition and then slowly screw the prices up.