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from Zero Hedge
When one thinks of America, the word “savings” is likely the last thing to come into a person’s head, for the simple reason that the vast majority of Americans don’t save: recall that in September the personal savings rate dipped to 3.3%, the lowest since 2009 save for one month.
On the surface this makes sense: the average US consumer, tapped out, with more spending than income, has no choice but to max out their credit card, and eat into whatever savings they may have.
Continue Reading at ZeroHedge.com…