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Death of the Consumer

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GDP, 70% OFF SALE?
"America is a nation whose growth in recent decades has been predicated on a model of consumption," writes Moses Kimin guest commentary at Naked Capitalism. "From a nation that used to save to invest, we now borrow to consume. As buying power in Treasuries from foreign entities wanes, we will be forced to fund our consumption through currently non-existent savings. An increased savings rate will put pressure on consumption, which will in turn pressure GDP."

Ok, but this didn't answer my question: can I get a new iPhone or not?
SOURCE:   Naked Capitalism

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