Hello,
there is one thing that I think is important enough to emphasise, in
relation with our analysis and what is believed elsewhere.
It is about the saving rate, and whether the private sector balance is
sustainable or not.
Quoting Jim Devine:
It's not US _savings_ (i.e., assets) that are
Quoting me:
It's not US _savings_ (i.e., assets) that are non-existent. Rather,
it's US _saving_ (net addition to savings) that is negative. Overall US
consumer net worth is _positive_, not negative (even though this net worth
did fall during the last year).
Alex comments:
There seems to be a
