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Strategies & Market Trends : Asia Forum
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To: Stitch who wrote (4500)6/13/1998 10:04:00 PM
From: B Tate  Read Replies (3) of 9980
 
Stitch

Not being an economist my thoughts go in a different direction when it comes to the Japanese resolve/obsession on savings. Towards the humanistic views of why.

I assume that most on this thread are like you and I and probably 1st generation offspring of folks who went through the "Great Depression". In my own case, both my parents are still alive ( 82 & 80)and are as frugal as anyone you can imagine. Although they live very nicely on a variety of investments (all are dividend producing)several vested retirement plans and social security they don't trust "the market" or the government.

Every time I return my father tells of a new stash or an older one that he had neglected to tell about previously. Examples: Old paint cans full of gold and silver coins (" what robber would get his hands dirty on old paint cans in the basement?"). Door stops made out of silver, painted to look like old bricks. etc. etc.

I could write a book about this, in my view, paranoia for cash and hard assets. All of this due to the fact that "the next time we go into a depression we will at least be able to buy a loaf of bread.."

For years my brother and sisters and I have encouraged them to travel, enjoy the fruits of some of their savings. Only to be told time and again we are saving for our old age, "We also want to leave you kids in a position to survive another depression." My question is always the same - "when will you be in your old age period?"

I believe the Japanese of the same generation have much the same outlook. After 1946 every ounce of energy was expended on re-building a destroyed country. Both economicaly and emotionally it took its toll and left the same resolve to survive first and spend secondly. Not so different than my own parents.

Just my ramblings on a quiet Sunday morning

Regards
bt
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