Hey SatsCrew,
You go to many countries around the world and notice not a lot of people have debt. There are some edge and fringe cases, but the majority tend to pay things with cash every step of the way.
Why is it in our Western U.S. society that we are so driven to go deeper and deeper into debt? Everything one can think about has been completely financialized - and it is leading to more and more people getting into positions that are hard to get out of.
We spend so much money cause we know we will be devalued in the future. We spend so much because we get approved for it. What I think we need is a shift in people's mentality to move into a more commodity money-based system instead of a debt-based money system. This will make us want to save more, spend less & think more about our future.
- Inflation drives spending on fiat
- Loose credit conditions also drive spending on fiat
- Erosion of American values
- Black Friday, Keeping up with the Jones’s and straying from humbleness
- Revenge spending
- Pushing present consumption at next to no cost
- Locking people up, infinite money printing - and Americans want to make up for lost time
- Buy goods and services right away, because tomorrow you will get x% less than today
- Savings for Americans increased to all-time highs of 32% with the stimmies, but Americans are close to depleting through these savings
- False idols and TV Ads
- A lack of low time preference and based behavior/delayed gratification
- We always want the nicest car, the best house location & cool vacations
- Not many of us are willing to sacrifice an older car, a worse house location, and mediocre travel in the world of Instagram
I'd love to hear everyone's thoughts on why Americans spend so much money. Do you think we are all trying to keep up with the Joneses? Is there another solution that you can think of that will help us course correct?
I hope you all enjoyed this one satscrew!
Best Regards,
SatsMate
Bitcoin Buys: https://invite.strike.me/2MSTYG
Financial Disclaimer: Nothing stated in this video is a recommendation from SatsMate to buy or sell a particular security or asset class. It would help if you wisely considered your tolerance for risk, time horizon, and financial goals before making an investment. With investing, you risk losing money, always read an investment prospectus and make an informed decision before allocating capital to a particular investment
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