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U.S. Treasury Secretary Paulson Blames China's High Savings Rate for Global Economic CrisisBy Mike Adams, January 20, 2009 | Key concepts: Paulson, China and Savings rate In the world of delusional U.S. economic, things just seem to get more bizarre by the day. In a speech about the root of the world's economic problems, U.S. Treasury Secretary Henry Paulson has now fingered a new scapegoat: China's savings!Yep, you herd me right. (Typo intended.) The global economic crisis is the fault of all those Chinese people who save money instead of spending it. In Paulson's mind, saving money is the root of evil while spending more money than you have is the pathway to financial salvation. Saving money = bad. Spending money = good. Spending more money than you have = REALLY good. Gee, no wonder the Fed and the U.S. government are trying to spend their way out of a financial crisis. In their minds, more spending means more good! I suppose in Paulson's mind, if all the countries of the world had more debt spending, we'd all be better off. It's all those dang savings accounts that caused our financial crisis, didn't you know? Just too much savings in the world today. It's downright toxic... Economists spanning the globe have all called in sick today. Why? Because they're so sore from laughing their heads off at Paulson that they can hardly walk. And no, this story isn't running on April 1st. This is no joke. The head of our U.S. Treasury literally and admittedly believes that saving money is a bad thing and spending money is the solution to the world's economic crisis. Hold on to your britches, folks, because if this is the kind of insanity coming from the top, we're all in for one heckuva financial ride. Click to read: |
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