why are we saving?
That is, a nation cannot grow unless the people spend, not save. Not just spend, but borrow and spend. Dr. Jagdish Bhagwati, the famous Indian-born economist in the US, told Manmohan Singh that Indians wastefully save. Ask them to spend, on imported cars and, seriously, even on cosmetics! This will put India on a growth curve. "Saving is sin, and spending is virtue." Before you follow this neo economics, get some fools to save so that you can borrow from them and spend. someone sent the above to me. in the article usa is seen as economically strong but with annual trade deficits in hundreds of billions. japan is seen as economically weak but with savings and trade surplus in trillions. is this the same problem we are doing to our economy? save, save and save. cpf, national reserves, charities, individual savings, corporate savings and stats board savings.