During the Great Depression of the 1930s, economist John Maynard Keynes popularized his theories by haranguing housewives in London department stores:
"Spend your money or your husband will lose his job."
It is common sense, the basics of economic life.
Nowadays such talk - the housewife, the man in the office - would be considered sexist and the closure of shopping malls would make it impossible!
The fact remains that in times of recession, unused savings tend to aggravate the crisis.
If everyone believes it is in their best interests to hoard in order to protect themselves, such behavior becomes collectively suicidal.
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“Covid savings”: how banks manage the French cash flow
This is why the “over-savings” observed in 2020, of the order of 130 billion euros in 2020 according to the Banque de France, and which could reach 200 billion at the end of this year if we are not careful, scary.
Has the saver become the number one enemy of the economy?
In his defense, the phenomenon was mounted from scratch by
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