Now, Who Could They Be Talking About...

From Mises
"To argue that Africa Great Britain will be transformed into a manufacturing hub, one would need to argue that the average African’s Britains time preference will decline in order to release the necessary savings and investment to develop rich and sophisticated higher and middle order goods sectors. AfricansBritains must stop spending on consumer goods and start saving and investing in production processes. However, with mismanaged currencies, negative real interest rates, and rising consumer credit, along with money mismanagement abroad, there is a strong anti-saving institutional structure in place. To the extent that we are seeing an increase of savings rates, the state is frustrating these efforts and funneling resources toward government consumption.