And in the mean time, personal savings absolutely plummeted.

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

Savings bonds.

They're savings bonds.

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

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

So this is a timely problem.

A 1 0 U.S. Savings Bond.

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

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

This is something I call the 50 20 paradox.

What's this building?

Save your dollars bills, yo!

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

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

Let me just put it into my mattress.

It's not even sustainable economically.

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

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

Because I kind of view that as a reference point.

Well, think about smoking, for example.

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

Keep something for a rainy day.

You'd rent a smaller home.

Where maybe I saved 5, but someone else borrowed 5.

In an emergency you can fall back on your savings.

Put by money for the future.

Do you know what this was right here?

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

It will pay you to save a part of your salary each month.

But there's another group of people who were more than offsetting that by taking credit.

What about the remaining half of the people?

Both my nine and seven year olds have a stock broker already.

Jim has a lot of our nest egg invested in this real estate venture.

In an emergency you can fall back on your savings.

It should be noted, of course, that the United States and the U.K. are the next in line.

And because I care, I'm putting it all away for you. Just like storing nuts for the winter.

Now even after all of this granular level of control, do futureless language speakers seem to save more?

Implements

Implementation

It was above the GDP for three years in a row just before the crisis.

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

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.

But the remainder is savings.

Pulling money out of the house as fast as they could, putting money on credit cards as fast as they could.