Bill Bonner: World Economy of Spending
on Friday, August 27, 2010Bill Bonner Money Quote saying the world economic picture is driven by consumer spending is about excess and is driven by unneeded goods being purchased.
“The entire world economy rests on the consumer; if he ever stops spending money he doesn’t have on things he doesn’t need — we’re done for” — Bill Bonner
In this quote, financial commentator Bill Bonner seems to be critiquing how fragile modern economies have become due to their heavy reliance on perpetual consumer spending and consumer debt.
By stating that the global economy “rests on the consumer” spending money they “don’t have on things they don’t need”, Bonner implies that if consumers ever curbed their appetite for non-essential purchases made on credit, it could potentially destabilize entire market systems.
The quote conveys Bonner’s view that encouraging overconsumption and debt-financed buying of disposable goods is unsustainable as a long-term economic model and leaves countries vulnerable if consumerism declines.
Overall, Bonner appears to be warning that basing growth predominantly on non-discretionary spending poses substantial risks that could seriously impact prosperity if consumer behavior patterns fundamentally changed.
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