“Higher wages do not get you anywhere if prices rise too. What you really need is higher productivity. How do you get that? You need to save money (rather than spend it) and invest in things that produce more…thus providing the profits necessary to pay more to the people who produce it.  Really. Is that so difficult to understand?  For the last 42 years, the feds have encouraged Americans to spend their money, rather than save it. And they’ve encouraged people to buy things made by foreigners, rather than make things themselves. This was the consequence (perhaps unintended) of Richard Nixon’s pure paper money system.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=08/06/2013&story=11&title=What-does-money-represent

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