“In the last analysis, productivity of labour is the most important, the principal thing for the victory of the new social system.”
– Lenin, quoted in First Five-Year Plan for the Development of the National Economy of the People’s Republic of China in 1953-1957
I have been telling many of my friends this lately, as many of them graduate college. Get a job, doesn’t matter what it is, just get one, and keep it. Acquire two or three if you can. I feel like as things worsen in this country, simply being employed is going to be an asset.
We’ve been continually rescued over the past few decades by flashes of American innovation, secular bets and wagers paying off. (.com, real estate, etc..) Elliot Precther, a very respected technical theorist has been preaching the numbers lately on various mediums and I whole hardheartedly agree.
Everyone keeps saying that the American consumer has changed, that we are in remission, and that the economy is 2/3rds consumer spending. These issues and their results remain to be seen. Someone asked me the other day about how to get started investing. After a short career in investment advice I told him unless he had significant cash reserves, i’m talking thousands, stay clear of it for a while. I do believe things still have much further to fall.