The Keynesian Blessing: Americans Are Broke

Americans are debt addicts. They love to spend. The politicians love to spend. Everyday Americans love to spend. Spend, spend, spend. And we wonder why many things, our society even, feels so cheap.

People live on credit. They finance cars, houses, vacation – cell phones – think about that – PHONES. They don’t save.

And why should they? They get nothing for saving. There’s literally no real return on socking money away in a bank these days.

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1/3 of people have saved NOTHING for retirement, but please keep taxing us and debasing the currency though

This isn’t a surprise. We are still in the midst of a lingering depression/recession. People need to get by and retirement for many is down the road in hopefully more prosperous times. Right now the kids need shoes and school clothes.

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(Get Ready) IMF paper warns of ‘savings tax’ and mass write-offs as West’s debt hits 200-year high

To paraphrase David Stockman – The world’s central banks have not suspended the market mechanism. They can kick the can, they can lie, they can move assets around on balance sheets, they can even call debts assets. But in the end there is no free lunch.

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The Dollar, the Fed, and Freedom

* I gave this speech on April 15th, 2009, in Charlottesville, Virginia. I had forgotten about it, but stumbled across it again today. It deserves a post to ACC.

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