Summary
Summary Crash Proof by Peter Schiff
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- Business
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- Cambridge University (CAM)
book Symmary Crash Proof by Peter Schiff
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- Summary -Crash Proof
Peter Schiff
#1
USA consumption drives world economy is
reinforced by media, not true
Nobody has ever asked Warren Buffett:
"If you're so smart, why ain't you rich?"
US economy
now world's largest debtor
depends on
foreign suppliers
foreign lenders
, inflation
actual
core
moderate
excludes: food + energy
PPI
CPI
like if in debt
bad
reduce purchase power
upward pressure bond rates
interest government
1 secret high
2 efficiently low
service based
to consume
produce
borrow
so much
so long
an entire nation cannot
, economies
market
increased living standards by capital accumulation
by more productive labour
result: greater output/worker
increased
consumption
leisure
capital investments only by savings!
by under consumption + self sacrifice
service
money = medium of exchange
wealth = what is received in that exchange
you cannot replace manufacturing with information!
insufficient Q
jobs pay less than manufacturing jobs!
jobs
high end
low end: growth USA! hamburger flipping
skilled
unskilled
baby boomers
consumers, not savers!
China
wartime economy
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