The Bulls and Bears Edition
Words of wisdom on the global economy from the world's top economists.
JULY/AUGUST 2011
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EWAZZY36
1:24 PM ET
June 20, 2011
Words of Wisdom of top economists
'Foreign Policy' shouldn't pay so much attention to what economists have to say, even the 'top economists', whoever they are.
Economists are mostly wrong with their 'telling the future' or theories.
It was the top economists who told American businesses that it doesn't pay to manufacture. They encouraged them to outsource manufacturing to China, India, etc. Today these countries are rich because of the manufacturing industries and America gets deeper and deeper into debt, because most goods have to be imported. US standard of living drops lower and lower, 30% of Americans live at or below the poverty line.
Manufacturing is the necessary basis of every national economy, finance and services exist in order to support/work for, manufacturing. If manufacturing doesn't come back to the USA, America may well become the second Greece!