376 Savings
2018-03-06
Politics & Philosophy
<p>Savings is something Monetarists praise. It fits into their conservative narrative of home budgets & conscientious behavior. It's a dogma taken on faith, never examined because accepting that savings is bad for an economy would make whole careers & reputations worthless. However, on-the-flip-side, Keynesianists, believers in fiscal policy, the imaginary money often called stimulus, pooh-pooh savings. In fact, they have their own insightful phrase for it: the paradox of thrift. Basically, one person's savings is another person's hard times. </p> <p style="margin-bottom: 0in;">The veneration of savings is due to positive preconceptions held by regular people, something they gleaned from their Protestant Work Ethic parents, Boy Scouts or an over-zealous economics teacher. In reality, saving money has no intrinsic or extrinsic value except as insurance, or in anticipation of a purchase, and only relatively small amounts are needed for either, not millions of dollars & certainly NOT $100s of millions. You would be better off using your money to make your life better or more entertaining, because just accumulating money as a matter of keeping score is literally self-embezzlement. Saving money is mostly a form of predicting the future, and no one can do that, regardless of the assurances they give you of the quality of your future Nursing Home.</p> <p> </p>
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