« on: December 26, 2009, 06:59:56 AM »
What utter bovine scatology being proffered by the Keynesians. (Notice--that's
not the
Kenyans.)
Thrifty families accused of prolonging the recession
Gráinne Gilmore, Economics Correspondent
Anxious families are repaying debts instead of spending in the shops, amid concern over the uncertain economic outlook. The share of income saved in banks and building societies has risen to its highest level in more than a decade, heightening fears that faltering consumer demand could prolong the recession.
The savings ratio — the gap between household income and spending, which is often used to repay debts or add to savings — soared to 8.6 per cent between July and September, the highest level since 1998.
Analysts fear that consumer spending, which rose by 0.1 per cent in the third quarter, its first growth since the start of the recession, will remain muted as households continue to repay debts and save.
Consumers repaid about £5 billion more than they borrowed between July and September last year and the same period this year, according to the Office for National Statistics (ONS). This is a sharp fall compared with net borrowing of £43 billion in 2008 and £120 billion in 2007.
The economist John Maynard Keynes argued that while saving may be a virtue for an individual, a nation of people doing the same would slow the economy. This in turn would hurt those trying to save more. He called this the paradox of thrift.
If the planet followed the Keynesians, well, . . . Cloward-Piven is the result.
http://business.timesonline.co.uk/tol/business/economics/article6965784.ece
Logged
"Timid men prefer the calm of despotism to the tempestuous sea of Liberty." - Thomas Jefferson
"All you have to do is look straight and see the road, and when you see it, don't sit looking at it - walk!" -Ayn Rand
"Those that trust God with their safety must yet use proper means for their safety, otherwise they tempt Him, and do not trust Him. God will provide, but so must we also." - Matthew Henry, Commentary on 2 Chronicles 32, from Matthew Henry's Commentary on the Whole Bible
"These anti-gun fools are more dangerous to liberty than street criminals or foreign spies."--Theodore Haas, Dachau Survivor
Chase her.
Chase her even when she's yours.
That's the only way you'll be assured to never lose her.
