by Monica Showalter
American Thinker
Year ago, I read in a book whose title I can’t quite remember, about economists observing something curious in inflation-wracked Argentina: Consumers were no longer saving money. They were spending instead, spending on themselves, buying up luxury goods in conspicuous consumption, and no, it was not a sign of economic health. Saving money made absolutely no sense as the Argentine peso kept losing value. Far sensible to rack up credit card debts and pay with devalued money or else default.
Maybe it was by Paul Blustein, who wrote about the bankrupting of Argentina; his book was called “And the Money Kept Rolling In (and Out).”
But Jason Ma at Fortune magazine has found a respected economist here who is starting to see the same thing: