![Jim Rogers](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPUSTAVIoHUQNaouhYPxBpqG9Ay99XDm0mvY4cqBdB2ldm2q6q0nn9FavTuifHUPAIPqe36Ylor6QqvjU0Obs4AsMPdiR9UctmpzoN5AroWNA9Da1ATKxLuflxSV7cjBW94wFOQd2atjVj/s320/jim-rogers_2.jpg)
Jim Roger : "The idea of economies built on consumerism has been discredited many times. The last ten or twenty years people have been shouting, “Oh gosh! Thank goodness for the American consumer.” However, no economy has ever been built on consumption for the long term.
The only way you build an economy is through savings and investments. Look at Dubai. The basic economic model in Dubai was to build an economy based on real estate speculation. That cannot work. You’ve got to have savings, investing, and productive capacity.
It’s all wonderful if we can go to the disco every Saturday night or go drinking by paying our bills with transfer payments. But that doesn’t do anything for long term productivity or competitiveness. Also, guys who build tanks have fun building the tank, but that tank then goes out in the sun or rain to rust. It doesn’t do anything for future productivity. The only way to build an economy long term is to save and invest while building infrastructure and productivity. Nothing else has ever worked."
Via Wall St. Cheat Sheet
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