Consumption Is Key - Deepstash

Consumption Is Key

Consumption Is Key

The 20 century’s binge on conspicuous consumption cannot be understood separately from the destruction of sound money and the outbreak of vilifying savings and deifying consumption as the key to economic prosperity.

  • The reduced incentive to save is mirrored with an increased incentive to spend, and with interest rates regularly manipulated downwards and banks able to issue more credit than ever, lending stopped being restricted to investment but has moved on to consumption.
  • Credit cards and consumer loans allow individuals to borrow for the sake of consumption without even the pretense of performing investment in the future.

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