Tue 2009-04-21 00:00 EDT

Mish's Global Economic Trend Analysis: Is Debt the Lifeblood of the Economy?

``Rather it is savings that is the lifeblood of the economy, because without adequate savings, extending credit is nothing but a pyramid scheme that eventually implodes, which is of course what happened.''

debt; economy; lifeblood; Mish's Global Economic Trend Analysis.