CTC: Economic headwinds for the foreseeable future

February 11, 2009

Here are the author’s closing remarks from this article. Evolving our society from a “consumer-based”, “debt-financed” society to a “live-within-our-means” society is a major shift, especially during a “protracted global slowdown”.

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Most of all, that will take time but it will also require income support for the innocent victims of recession and a new pro-saving mentality that encourages American families to live within their means.

Like Japan of the 1990s, the United States faces stiff headwinds for the foreseeable future. And until the rest of the world uncovers a new consumer — not a likely outcome during the net few years — a protracted global slowdown is a distinct possibility.
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Doug has a great deal of respect for Stephen Roach as a strategist. The very first time I met Doug, he asked by about Stephen Roach. His comment about “headwinds for the foreseeable future” and it taking time to adjust to “live within their means” parallel our discussions. 

Peter Murray used the word “forced” when he was talking about change last week. When we are “forced” to evolve, it is painful.  We will be much happier and more productive if we “chose” to evolve and implement actual solutions earlier (by choice) rather than later (by force).

Jeffrey Chow

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