The more I read about finances, macro-economics — the more unattractive (or should I say attractive) the country of USA becomes to me. Following is my view of articles I have read elsewhere.
USA is the only country capable of accumulating USD400 million of annual trade deficits, USD1.8 trillion of domestic consumer debt, USD5 trillion of national debt and still be the destination for exports, foreign investments and worse, the dream country of many of us.
Of course, US can be a dream country to businessmen, capitalists who directly benefit from the economic system and for retailers and other vendors who make money from the people living in the US, day-in-day-out. After all, developing countries like China, Japan, Mexico, India helping these Americans spend by saving atleast USD180 billion a quarter, USD2 billion a day.
To think that an average American has about 8 credit cards on his name, USD8000 of consumer debt, and saves, if any, a very little — is shocking. What is more shocking is the fact that most Americans are also used to taking loans against their future income — a brave thing to do.
America, often perceived as a buyers’ market, makes me wonder if it is actually a sellers’ market — a capitalist market. Much as I try to talk about this, I also fear that if American’s stop spending, some of the developing countries may actually get economically hit and so I stop here :-))
God Bless America!