>>515206931
What I think is summed up by that famous article from years ago - "average American couldn't survive a surprise 500$ check." What this represents is a society that no longer sees saving up money as important. For much of the upper classes, they simply transfer their wealth away from money into housing, coins, stocks, etc. But the vast majority of people are not financially literate or even in a position to have enough currency to invest in something like that even if they were financially literate. What this represents is something akin to what happens in hyperinflation, where common people simply stop valuing money. Common people don't care about saving up money; the government will bail them out anyway; and if what little money you have today is going to be worth less a year from now, why not spend it all on something today when it has maximum buying power? What this means is that, like Weimar Germany during hyperinflation, the economy is "dedollarizing." This will result in even more inflation, like in COVID, because with the average person having no savings, the government will be forced to bail them out with more and more welfare and emergency relief checks to stop them from starving/keep consumer spending up. And remember all this is coming from a very, very debunked philosophy, around 100 years old, that consumer spending drives the economy and therefore consumer saving is something that needs to be avoided. I don't know what this philosophy is called,, since as you can probably tell I'm not an economics student.
