Pedro Santos Guerreiro recommends frugality in the crisis

While across the world people are being encouraged to consume in order to revive the economy Pedro Santos Guerreiro advises readers to save their money in the business paper Jornal de Negócios: "Unbridled consumption, easy credit, families with heavy debts. Do you remember the moral lessons? You can forget all that. What you need to do now is spend as much mony as possible. … Nowadays it's more patriotic to buy a new plasma TV or a new car and eat out twice a day than to support Manuel Durão Barroso in his [new] bid for the post of president of the European Commission. This may sound like an exaggeration but it reflects the schizophrenia that has taken hold. Those who for years warned of the dangers of over-consumption are now warning about the consequences of too much saving. … But those who still have their jobs are not consuming because they are afraid. … Families must save up the money they have left thanks to low interest rates to cushion the impact of the mistakes of the past and provide for the future."

» full article (external link, Portuguese)
More from the press review on the subject » Economic Policy, » Portugal, » Global
All available articles from » Pedro Santos Guerreiro

» To the complete press review of Wednesday, April 15, 2009