The current low level of interest rates is mainly due to the fact that the savings plans in Europe and Southeast Asia exceed
the investment plans; the expansive monetary policy only strengthened this trend slightly. The savings surpluses are primarily
the result of mass saving, which tends to curb consumption and force it into intermediation through the credit apparatus;
this inevitably leads to problems of maturity and risk transformation as well as debt. They contribute to the instability
of the system. Savings surpluses due to mass saving already occurred in the last quarter of the 19th century, but were eliminated
by wars and inflation before they could pose more serious problems. Since 2000 at the latest, however, savings surpluses have
been dampening consumption and growth; the economy's willingness to borrow is limited in view of the low growth rates, and
national debt tends to be contained. This is unlikely to change much in the foreseeable future. The article shows the problems
on the basis of the Austrian development over the last 180 years and discusses possible solutions.