Borrowing for consumer items may make the present rosy, but it makes the future uncertain. Also, such actions do not tend to encourage the allocation cycle in the long-term.
Even borrowing to support one's own investment in a project of production, is predicated and depends upon an act of savings by someone else, and a willing to lend (invest) those savings in your productive project.
"Yet these habits and values, with their empahsis on saving, investment, and efficient work, were far from ususal in the rest of the world.
While every society has 'saved' part of its income, the ends for which income is saved or spend have taken many forms.
The Tibetans for exammple, although miserably poor, invested hundreds of thousands of hours of their labor in weaving the largest banner in the world to hang on an outer wall of the Portala, the Dalai Lama's residence in Lhasa.
In general, static class-bound agricultural societies have shown little tendency to invest in tools for further production, except for the amounts necessary to keep existing equipment in repair.
The rich of many nations of Asia, Africa, and South America preferred to spend their income in London or Paris rather than to save for investment at home.
The people of these countries viewed work as a necessary evil and would have found it difficult to understand Henry Ford's belief that 'thinng men know that work is the salvation of the race - morally, physically, socially. Work does more than get us our living; it gets us our life'"
--- Thomas C. Cochran, The American Business System 1900-1955
Section 7 
