Civilization, in every generation, must be defended from barbarians.
The barbarians outside the gate, the barbarians inside the gate, and the barbarian in the mirror...
Friday, February 29, 2008
A Change In Perception
It's interesting how this works. Lots of anecdotal examples of consumers cutting back on even small things. In an economic contraction even an extra $5 or $10 can seem like a frivolous expenditure, if avoidable. Deflation begins with a change in psychology. It is also interesting that frugality is habit-forming. Each time money is successfully held on to makes it that much harder to spend freely in the future.