Feb 17, 2009

Peter Schiff on the decoupling theory

I think the solution - the world needs to recognise that America is not the engine of the global economy. We are the caboose. Anybody can consume. Little children can consume. The key is to produce. The key is to save, not to borrow. And if America stops consuming and stopped borrowing, that's not going to hurt the global economy, that's going to help the global economy. The rest of the world has been living beneath their means so we can live beyond ours.

~ Peter Schiff, "Schiff, Keen on dateline," News Kontent, September 12, 2008

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