Did US have economic shocks? Compared to, say, Eastern Europe or Sub-Saharan Africa, all people who lived through real economic shocks and hyper-inflation tend to save less, not more. Because they know the savings can evaporate one day.
They absolutely save. Just not in their own currency - they'll instead rush to cash out for gold, USD, prime real estate (if they're rich), or some other less volatile store of value, before their currency gets devalued even further.
Gold and USD is easily stolen, especially if stored in a bank. Prime real estate will find a new owner (e.g. the case I saw myself -- surprise, turns out the seller, even if's the government/municipality itself, did not have rights to sell you the land 15 years ago, good bye).
10000truths|9 days ago
deepsun|9 days ago
Been there, done that.