Trigger
I just read a long article about the discussion whether savings are a sin here (German language). Any economist will be familiar with this discussion whether savings especially during a Great Recession as we are going through for the past several years is something to be condemned.
Some voices claim that real interest rates are not low enough! Or that the rate of innovation slowed down.
Follies By The Luminaries Of Our Time
In the above article, we learn that Larry Summers, Paul Krugman and Ben Bernanke apparently blame a savings glut for our economic predicament.
This is, of course, irresponsible nonsense! It does not occur to these men that it is failed economic policies implemented by inept and clownish politicians or it is convenient for these men to overlook that caused the economic malaise. Otherwise, Mr. Bernanke would not be the chairman of the most powerful central bank of the world, I simply guess.
Savings Are Critical
Any reasonable and sound minded economist knows that only savings allow us to be prepared for the vicissitudes of life and for the future, to be ready to invest when opportunity beckons and to finance the next wave of progress in living standards. Personal thriftiness are an indispensable virtue of anyone.
Only these fools named above have no clue!
Better Economic Policies
It is overdue that better economic policies are adopted in developed countries.
More individual liberty and more “animal spirits” and certainly less big government!
Priorities:
- Lower taxes
- Lower government debt
- Freeze and abolish government regulations
- Repeal outdated laws
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