The numbers are in and it looks ugly for retail. The holiday spending rake this year was a steep 8% decline from last season.
That's a ton of Chinese manufactured goods that is collecting dust on shelves. Let's now brace ourselves as the worldwide recession finally hits China.
Under any sane model of Capitalism, this retail slump would be nothing but a hiccup. However, since our economy is predicated solely (pretty much) on consumption, this is downright crippling.
Maybe we can now work to get back to the business of exporting technology, tangible products and consumer services again.
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