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Doug Casey: society / individual becomes wealthy by saving, not borrowing.

“The way a society, like an individual, becomes wealthy is by producing more than it consumes. In other words, by saving, not borrowing. But you don’t become wealthy by spending and consuming; you become wealthy by producing and saving. Inflation encourages people to borrow, because they expect to pay the debt off with cheaper dollars. It encourages people to mortgage their future. The basic economic fallacy in this is that a high level of consumption is good. Well, consumption is neither good nor bad. The problem is the emphasis on consumption financed by debt -- which leads to the national bankruptcy we’re facing. It’s much healthier to have an emphasis on production, financed by savings.”