Savings and Debt are two sides of the same coin. The savings in your bank account is someone else's debt. The Bank of England has a great explanation of this he

Savings and Debt are two sides of the same coin. The savings in your bank account is someone else's debt. The Bank of England has a great explanation of this here: https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m... In other words, loans create deposits, not the other way around. Savers are hoarding cash which leads to a decrease in aggregate demand, and also ironically their ability to save in the future.