his model was saving. You have to have saving. You may recall, having read Keynes, Keynes talked about the fallacy of thrift. And his idea here was that if people do what's right in their own interest to try to prepare for a rainy day, they will have to take retirement or education or unexpected needs and they say that this will leave the economy with an insufficient level of saving. And so by doing the right thing on the individual level, we have this adverse macroeconomic impact. The problem is now Keynes is concerned about too much saving doesn't apply because we have negative net will save, which is a very, very serious problem. And it will become more evident and it's going to be difficult because this concept is complex. And frankly, I don't think that the American economy has much of an understanding of economic theory or economic history. So the relationship of savings to interest rates is inverted, right? So as savings decline, interest rates, all things being equal go up. All (25/41)
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