Wednesday, September 3, 2014

We Used to Call It Saving

Saving, as in "savings account". Now it's so rare and inappropriate as to be called the "willingness to hoarding money" by the Federal Reserve.


7 comments:

Bob said...

It was saving when interest was paid on it. There is no incentive to save when the interest paid is below 1% and the bank reports the piddling little amount to the IRS.

"Hoarding" simply means saving without reporting to the government.

newrebeluniv said...

Savings used to be the foundation os capitalism. only saved wealth can be invested in creating projects that will create more wealth. A new factory does not get built by one man's private efforts. He borrows the savings from others and agrees to pay it back, with interest.

No savings = no capitalism. Capitalism is not about trade or free markets. It is about CAPITAL.

ASM826 said...

Bob,

I disagree, whether it's in an interest bearing account or stored under the floorboards in the attic, it's still savings.

ASM826

Borepatch said...

Damn Hoarders and Wreckers.

Bill Matthey said...

My bank pays me $0.01 cents per month on my checking. What should I invest in?

Ken said...

N95 masks and canned beans, I think.

newrebeluniv said...

Bill, looks like you invested in the bank. They in turn loan your money out.