“Pity the world’s savers,” you open your main leader (“Nowhere to Hide,” October 15, 2011). Well, thank you for thinking of people like me. The last few years have been dreadful, indeed. The outlook is pretty rotten, as well. As you warn, one possibility is that the rich world will attempt to inflate its debt away through so-called quantitative easing. America and Britain are leading the way in this regard, and I do feel the pinch because this is where my savings happen to be. Another possibility you mention is that the rich world faces Japanese-style stagnation. In my view, we are already there. The possibility you do not mention is uppermost on my mind, though: dragging depression. So, I am not too eager to follow your advice and pile my cash into equities and bonds now rather than wait for better news. I am waiting for worse news, as a matter of fact. It might be better for the global economy, as you point out, but how about me? I cannot guess how many among the world’s savers are thinking like me, but I have a feeling that I am far from alone in my pessimism. My savings will keep dwindling, but at least I will know that I have nothing to hope for. And hope can be most deceptive.