And in the mean time, personal savings absolutely plummeted.

A lone robber held up the la brea savings and loan.

What we're seeing is an uptake in the savings rate.

Savings bonds.

It's not just numbers on a piece of paper.

Or I could buy this house for 1 million.

They're savings bonds.

I still have some money saved! I'm prepared for hard times.

I made a deposit of 1,000 at the bank.

A 1 0 U.S. Savings Bond.

This is something I call the 50 20 paradox.

let's look back at that OECD graph that we were talking about.

He's given a control that allows him to adjust his savings rate.

So this is a timely problem.

I have a deposit of 500,000 yen at the bank.

His own bank?

What's this building?

Save your dollars bills, yo!

Before we let the clock run, the energy is stored as gravitational potential energy of the cylinders.

And what I'm going to talk about today is Save More Tomorrow.

It's not even sustainable economically.

There is no business on this movie.

So we're starting to pay for things with money that we have.

Holding down the right flank of the OECD, all the way on the other side, is Greece.

Because I kind of view that as a reference point.

And slowly, slowly we're bringing it up to a moderate savings rate.

There was nothing to buy, unless you wanted to buy some rivets. Right?

Well, think about smoking, for example.

Keynes called this the paradox of thrift saving slows down recovery.

You'd rent a smaller home.

Now I'm going to describe to you a study I did with Gur Huberman, Emir Kamenica, Wei Jang where we looked at the retirement savings decisions of nearly a million Americans from about 650 plans all in the U.S.

I put ten thousand yen into the bank every month.

Keep something for a rainy day.

And that's what the reserve ratios were all based on, based on the bank notes themselves.

Until we get to this point right here, where everything starts blowing up.

Let me just put it into my mattress.

In an emergency you can fall back on your savings.

Do you know what this was right here?

I don't dividend it out to the shareholders. I just keep that.

expressing the refusal of the residents to become a victim and the resolution to seek peace.

They are engaged in what is called power down .

I could go on and on with the list of differences that you can find.

But our accounts date back to the beginning of banking itself.

In an emergency you can fall back on your savings.

And the second aspect is that once you have 2,000 people in the community, you can petition the government to be recognized as a legal sub municipality.