SAVERS, SPENDERS: A LETTER TO THE ECONOMIST (February 18, 2009)
You are so right about the fate of savers in this unjust world of ours (“A Lament for Savers,” February 14, 2009). As one of “those who have lived within their means and put money aside for the proverbial rainy day,” I feel ever more miserable as the interest rates on all my savings are plummeting. Indeed, this world is made for the spenders, who will be bailed out for all their sins by the savers. There will be no thanks for this service, either. As a nation, Americans have figured this out long ago. It is they who will be bailed out by the Chinese and Indians, among others. Come to think of it, though, watch for the aftermath of this economic travesty. In the long run, no-one anywhere will ever save again like I have done. I only wonder how the lot of profligate spenders will be bailed out the next time around.