How does the average 'Joe' interpret "savings". What exactly is savings? Many would argue savings is stashing dolars in the 401K,414H,457,IRA,ROTH...ect. There is no incentive to save,traditionaly. The US governement has created many incentives to redirect dollar assets from traditional saving accounts into market consumption accounts. There has been no incentive to stash dollars under your pillow or into savings accounts. Everyone has been forced to seek alternative options.
"Make the US dollar something of value worth saving". Relative to what?
>>Make the US Dollar something of value worth saving.<<
There is a bit of a problem with a strong dollar and savings. A strong dollar makes overseas products cheaper. Americans have shown a big appetite for overseas goods the cheaper they get. That means they save less.
Second, a strong dollar makes our goods more expensive to others. That causes our companies to be less competitive and also reduces their overseas profits. This may cause less income growth in the US, slowing savings.
Other than these two items I don't see where the dollar relative to other currencies should really matter or affect the amount that Americans save.
Fed money creation? If the FEd were to suddenly slow down money creation we would quickly go into a recession IMO. Not an environment for consumers to be able to put away more savings.
The real problem in the US is that credit is too easily available and Americans have no discipline in managing it. We have a spending problem. Most americans are under the opinion that tomorrow will always take care of itself. Not until this country gets 'bitched slapped' and we see wide spread economic personal distruction will Americans see the value of increasing savings.
Right now many Americans see their gains in real estate as their savings account. What happens when the bommers suddenly want to tap those savings by selling? We then have a build in supply and real estate prices will drop - reducing their 'savings'. Higher interest rates will also reduce those same 'savings'.
American need a seachange in how they look at money. I don't see how that will easily happen.
BTW, IMO, Americans DO save, they just do not do it in at-risk dollars! They do it with real assets, such as real property (now in its own bubble), Gold and PMs, precious stones, collectibles, etc., and as inflation rises we will see more of that sort of "consumption" saving to protect accumulated wealth, as well as a proliferation of new Swiss (or possibly Australian) bank accounts, no doubt. '70's redux.
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