Yes, but just before the last two big financial crises, Americans were buying houses they couldn't afford, second and third cars, taking loans etc... I live in Macau, and the Chinese government's recent policy of cracking down on corruption, money laundering and their history of 'massaging' the news, leaves even the Macanese, Hong Kongers and coastal mainlanders suspicious of any economic statistics coming out of the government. Foreign worker quotas here, and the drop in gamblers, VIP especially have resulted in 36% drops from last year. Gambling/Casinos generate 80% of Macau's GDP. I hold out hope for a progressive, free China, but after observing the yellow umbrella movement in Hong Kong, and the mainland's actions and words, I am in despair. The people have been under this type of rule for so long, and the rumors are that the current administration is only going after corruption when done by political rivals, while saving face with their own party. I truly believe consumerism is going to be humbled by a crash here, and hopefully a restructuring to head up with honest accounting by government if they want to be taken serious in the world currency market.

McKinsey reputable???

This company just plays the normal MBA playbook in an echo room and every listens without thinking. Just look at the former (some now bankrupt) companies that hired McKinsey. Amongst them Enron and Swissair.

http://www.ritholtz.com/blog/2011/03/is-mckinsey-co-the-root... http://business.time.com/2013/09/10/mass-layoffs-overpaid-ce...

Actually, it looks to me like Europe's economic prospects are always reported about in a negative way here on hn...

As an European, I'd suspect of bias if they weren't!