Jacob: Fair enough, but just in part.
In China, the government has that fun stuff taxes which do not, repeat not, relate to any business earnings - the people pay what is "necessary" or else - as is the government's way around the world.
And in the US, 1x saves, repeat saves, money. Good to do, especially in hard times.
Outside of Europe, there are no "sunk" borrowing costs.
There is total, complete and absurd (pardon that phrase) misunderstanding re: the reality and pervasiveness of the "credit" problem. Recession, or no.
Europe has that problem, the rest of the world, no.
As the old French saying was Viva la difference ! (In a very different and much more joyous context, n'est pas?)
Best.
Chaz |
