Deciphering the Economy
Janay Hillman
Issue date: 10/16/08 Section: News
It feels like the rest of the country has, quite belatedly, contracted the financial strain Michigan has already endured for years. By now, both you and nearly everyone you know have suffered from the faltering economy in some way. Nevertheless, there still seems to be a prevailing cluelessness among average, middle class citizens as to what is actually going on. Economic experts have been predicting-and denying-for quite some time that a national money crisis of this nature would eventually come to head, but most of us went along merrily on our way, failing to realize the roof was caving in until we found ourselves picking plaster out of our hair. Shouldn't it be impossible for the majority of a country to be taken by surprise by something so large scale and so easily predicted?
While appearing on MSNBC's Kudlow & Company two years ago, August 28, 2006, Peter Schiff attempted to forewarn the American people of a grim, recessive economic situation that, admittedly, seems a bit paler when compared to our present conditions. "The basic problem of the United States' economy is...too much consumption and borrowing, not enough production and savings," stressed Schiff, President of Euro Pacific Capital, a brokerage firm in Darien, Connecticut. "[Rather than resisting a recession,] it should be embraced because the disease is all this debt finance consumption; the cure is that we stop consuming [excessively] and start saving and producing again."
He was, largely (albeit unfortunately), ignored. Too many of us did not and do not take initiative in educating ourselves about the state of finance outside of our own checkbooks until, as a nation, we reach a low point much like the one in which we are currently stuck. Not too often has such willful ignorance been more evident than it is now, with every other news article and news broadcast throwing a curveball of unfamiliar terms and concepts toward us that only a BBA graduate could readily translate into working English. If money talks, perhaps it is time for the rest of us to become fluent in the language, to better understand of where American currency stands in the grand scheme of things.
While appearing on MSNBC's Kudlow & Company two years ago, August 28, 2006, Peter Schiff attempted to forewarn the American people of a grim, recessive economic situation that, admittedly, seems a bit paler when compared to our present conditions. "The basic problem of the United States' economy is...too much consumption and borrowing, not enough production and savings," stressed Schiff, President of Euro Pacific Capital, a brokerage firm in Darien, Connecticut. "[Rather than resisting a recession,] it should be embraced because the disease is all this debt finance consumption; the cure is that we stop consuming [excessively] and start saving and producing again."
He was, largely (albeit unfortunately), ignored. Too many of us did not and do not take initiative in educating ourselves about the state of finance outside of our own checkbooks until, as a nation, we reach a low point much like the one in which we are currently stuck. Not too often has such willful ignorance been more evident than it is now, with every other news article and news broadcast throwing a curveball of unfamiliar terms and concepts toward us that only a BBA graduate could readily translate into working English. If money talks, perhaps it is time for the rest of us to become fluent in the language, to better understand of where American currency stands in the grand scheme of things.
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