bitrick: Obviously loans that are only spent to consume are unsustainable and I never said otherwise. The question to you is WHY THEY STILL EARN INTEREST when they create nothing?
I explained that. I don't agree with the current system that, for example, forces savers in Cypruss to fund loans to Greece for consumption that will eventually default. The current system is corrupt. Since you appear to disagree with the current system as well, what do you propose as an alternative?
Further more the whole basis of your argument that 'savings' represent a reduction in consumption and at the same time are 'invested' to create future productivity is trying to have it both ways.
I didn't say that. You made that up.
No one can make a rational argument that simply stuffing money under a mattress has a positive effect on the economy or increases future wealth in any way ...
I never said that, but matress stuffing is surely better than malinvestment. Keynesians always avoid addressing the issue of malinvesment. They think every investment is positive and hand wave furiously about money multipliers and such. Malinvestment wastes resources, period. Mattress stuffing allows deployment of resources at a more appropriate time.