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Mix-Ansicht- Prechter speaks - JÜKÜ, 24.06.2002, 22:34
Prechter speaks
The question you should be asking is -- Where's the recovery? Productivity growth continues to increase, yet there's plenty of historical precedent for productivity increases in a shrinking economy or even a crashing stock market. The years 1929-1932 for example, when output per man-hour in the U.S. increased by 20%.
Look beyond the economic figures that the media habitually report, and you'll get a better understanding. Consider households' liquid assets. Today, American households' liquid assets are 93% of liabilities -- that's less cash on hand than liabilities.
Consumer debt makes up 97% of disposable personal income. Then there's total credit market debt. From 1949 to 1966, total credit market debt as a percentage of GDP fell from 151% to 148%. Today it sits at 269% of GDP.
The United States used to be a net creditor. Now the U.S. owes a record $2 trillion more to foreigners than it is owed.
Quelle
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