"The End of Shopping" American consumers will no longer serve as a reliable engine of growth. C sector expansion would require folks to save less, borrow more and spend more; such cycle now seems finished.
Virtually ubiquitous credit cards( 1.4 billion at last count) separate the pleasure of buying from the pain of paying. The "democratization of credit" supported the shopping spree,indeed!
Many Americans are overextended. In 2007, household debt(including mortgages) totaled $14.4 trillion, or 139% of personal disposable income. Such data are provided for readers to make assessment for the future obligations to be reflected in the American economy.
New York Times last week had the headlines: "Retailing Chains Caught in a Wave of Bankruptcies.
Credit system is now creeping in China but I would not envision such magnitude in the years to come apropos of lifestyle,custom and tradition in China.
Francis Shieh a.k.a. Xie Shihao on April 23, 2008
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