Crippling debt, high unemployment and the retirement of baby boomers means people's ability to spend will diminish. "Stimulus (packages) around the world are a mistake, because if government could create jobs we wouldn't need private enterprise," he said.
On the money - thanks for the ping, Tiger.
Seems believable. China has the advantage of so many devaluating dollars that they can import food and energy and anything else they may want. But without more balanced trade, and balanced production and consumption they are handcuffed to the west and specifically us.
On the other side, any economic recovery on our side will create inflation and another eventual crash.
Remember, if Greenspan hadnt created all that cheap money in 2003, there would have been no recovery OR housing boom because two wars and tax cuts and government spending would have sucked up every dollar in the economy. And the same thing is playing out now on a much bigger scale.