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[Perhaps this] borrowing to create cash flow ... The personal 'savings' rate has fallen to a new all time record low of minus 6%. Rather than curtailing consumption, Americans have merely responded to higher gas prices by borrowing more money. Therefore, the immediate damage isnt reduced consumption by increased debt. As a result, the actual damage is only being postponed, but with even greater consequences for future consumption, as not only will Americans be required to pay more for energy tomorrow, they will have to pay interest and principal associated with todays purchases as well. What America has succeeded in creating is not an economy impervious to 'shocks,' but merely one which enables their consequences to be postponed to a later date. Unfortunately, that date may have finally arrived.
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by Peter Schiff
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