Does this collapse (if it does occur) go to show that capitalism and consumerism are also failed ideologies? On the brighter side reduced US consumer spending may be good for the worlds environment and other natural resources such as oil. A poorer US may also think many times before plunging people in to war.
RE:End of consumerism?
by Sivakumaran on Feb 01, 2008 05:30 PM Permalink
A poorer US means, the $surpluses of various countries including India cannot be put in anywhere else Just because no other country in the world could carry that kind of amount multi trillions. If all those money resides only in our central banks, the banks cannot pay interest, that means reduced interest to you and me. What does it mean is you and me would buy everything you could think of. It would result in inflation. There would not be much supplies to meet the req. Because that would be the case with other countries as well. There would not be any investments coming from anywhere else to the developing countries as well.
Having said much about the US in the negative side, it is also a country which has more needs to import (good for india kind of countries) all those would be cut off. Job loss in the home countries.
