Consumer Led Recovery?

I recommend reading this:

The purpose of this article is to show the precise relationship between consumption expenditures, saving, capital accumulation, and prosperity. It will be shown that consumption in real terms as well as consumption expenditures stated in monetary terms are themselves not the cause but an effect of greater saving and capital accumulation.

Doesn't really bode well for the Federal Reserve policy although maybe it doesn't matter where the savings come from as long as investment is occuring in the U.S.