This is an interesting statement, I would have said the exact opposite; investing is the typical human panic reaction to having some disposable wealth in a hostile climate, and that is exactly the problem.

If you don’t believe that, can you imagine anyone not squirreling away whatever they can, when things are going crazy financially? Do you know anyone who would give away their spare stash instead?

The truth is most people don’t invest because they/we have nothing spare to invest. It isn’t because we don’t want to, we literally can’t. Of course everyone would love to have the luxury of investment. But by definition, not everyone can have it, otherwise what would be the point?

Isn’t it strange that an instinct of those lucky enough to be in the minority winning something in the game of money, is to try to sell what they are doing to others as something good? Could that be a guilt instinct?

Isn’t that just what Ponzi was doing?