Gary Shilling Predicts the Consumer Savings Rate Will Grow Substantially Over the Next 10 Years
Gary Shilling said countries that rely on U. S. consumer spending such as China and Japan will be hurt by the new frugality. Shilling also feels that the financial gimicry that has marked the last 15 years will revert back to old-fashioned lending.
Shilling worries about protectionist leanings and predicts GDP will grow at an anemic 2% rate over the next decade. However, Shilling indicated there would be no shortage of innovation and said there will be a “good” deflation as a result.
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