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Why, then, have the English-speaking countries performed so much better? In short: because they have dramatically improved their savings-investment balance in favor of investment. Remember Keynes: “A boom is generated when investment exceeds savings.”
But the irony of this adjustment is that it results entirely from the fact that with their housing bubbles they have slashed their savings even faster than their investments. In short, the English-speaking countries have managed to diminish their savings faster than the decline of their investments. We would not regard this as a positive pattern of restructuring.


Such quandaries always remind us of a remark by Ludwig von Mises: “It may sometimes be expedient for a man to heat the stove with his furniture. But if he does, he should know what the remoter effects will be. He should not delude himself by believing that he has discovered a wonderful new method of heating his premises.”