In a world where people still starve (though thankfully proportionately fewer over time) and material needs in general are unsated, there can be no #savingsglut. There CAN be misallocations of saving -due to corrupted price signals or corrupted polities, or both- but that’s...
...a very different matter.
Secondly, ‘saving’ is supposed to represent an available resource -whether for consumption or production, whether material or human. It is NOT something which magically appears when the #centralbank & its minions sit behind a keyboard...
Secondly, ‘saving’ is supposed to represent an available resource -whether for consumption or production, whether material or human. It is NOT something which magically appears when the #centralbank & its minions sit behind a keyboard...
If #JeromePowell or M #Lagarde cause a million smackers to appear in everyone’s account overnight, bank balances will have risen; #savings, will NOT. Even a man as unnuanced as Mussolini got this, sneering that Italians’ wealth would not rise if they all had more printed...
...pictures of him in their pockets. Why can all you mainstream macromancers not display a similar level of common sense?
I have no doubt, either, that somewhere in the same issue, one of your sages will be explaining how #COVID19 has left everybody with too much debt...
I have no doubt, either, that somewhere in the same issue, one of your sages will be explaining how #COVID19 has left everybody with too much debt...
...-too much, that is, except if it is the government which is the debtor, when, no doubt, it will be argued that the debt is too little & that ‘we owe it to ourselves’ -oh, wait!- except THEN when a ‘populist’ is incurring that debt & ‘inequality’ is increasing!!...
...In any case, savings are the fuel for growth and prosperity, not some sort of choking weed, clogging up the channels of commerce. Savings are what allow #entrepreneurs to try to enrich themselves by making all our, their customers’, lives richer in their turn...
If you dry up the flow of savings and hinder genuine entrepreneurial activity (bull market, pass-the-parcel, easy-money, buy-me-out-before-the-cash-runs-out ‘Serialists’ do NOT qualify under that rubric), no amount of monetary #inflation will help, however convincing the disguise
...Sadly, the chances of that truth being accepted are vanishingly small. The Neo-Marxists at, eg, @wef are busy pushing the narrative that ‘capitalism needs a #GreatReset’ - i.e., that it needs to become more akin to something Il Duce himself would have easily recognised...
...viz, more state interference & more top-down directives -whether in a #GreenNewDeal or by de-emphasizing shareholders’ rights & conscripting businesses to serve the state rather than the customer: to earn ticks on virtue checklists, in place of earning distributable profits...
...Like all such forms of Collectivism throughout history -whether or not its mailed fist is sheathed in a velvet glove- this will lead to moral -as well as material- immiseration and will increase inequality the worst way: not by allowing the worthy few to improve their...
...affluence ahead of a generally rising curve, but by reserving bigger slices of a shrinking pie to the rulers, the Nomenklatura and the Apparatchiks: a motley crew of intellectuals & chancers who are largely members of the same ‘clerisy’ responsible for our current adversity
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