I recently had the pleasure of hearing a lecture by a very young an Upcoming economist MR Venkatesh who also writes in various different prestigious economic journals and websites. His lecture was on the prevailing economic crisis and its basic cause and prevention. If I strip out the economical , financial and political jargon out of the speech his core reason for the crisis was the Reckless Spending my Americans and their habit of overspending and overconsumption . He attributed these habits to a catastrophically broken American family system in which about 80% of children live with a Step-father or Step-Mother .
He later also acknowledged that the Indian economy owing to its strong family system saves about 30% of its GDP and this is attributed to the savings by the