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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: GST who wrote (61646)5/22/2006 7:24:32 PM
From: Perspective  Read Replies (1) of 110194
 
Agree with UncleBigs; our economy is a hollowed-out excuse for a service economy.

A service economy is what develops when other countries are willing to give you the things you really need to survive: manufactured goods, energy, raw materials, etc. If you're given cars and clothing and oil, everybody stares at each other for a little while as they try to figure out what the heck to do. Then they set up nonessential services like housecleaning, restaurants, and mortgage banking. But when the benefactor takes away the manufactured goods, energy, and raw materials, you have an "economy" unable to provide the basic needs for its citizens.

We're there now. If our service economy were really producing things of such great value, it would be reflected in our trade deficit. Our massive imbalance is the real measure of how significantly the real estate bubble has distorted aggregate US demand.

BC
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