Govts around had poured an obscene amount of public funds in the market to give life to it. But if it fails and people are only more keen to absorb such funds into their personal hoarding at home or banks instead of circulating, guess what will happen?
My guess, which is as good as anyone's else, is that - since the masses are not helping out, then govts will have to take the money from them thru taxes - 40%, and use such money as a sort of 'capital funds' to help out troubled but blue chip companies with strong fundamentals, entreprenuers with strong track records to start biz and create jobs, as well as funding hi-tech companies with breakthru tech ready for mass marketing.
Since the masses are frightened and refuse to budge, then the govts will have to act. Because if they dont and the current fund injection don't work, they will get the boot anyway.
Worse still, they would be out of job and suffer with the rest of the world, cause if money don't circulate, extinction will be on hand, beginning with the poor, then the middle classes, and the rich would be long murdered for their wealth.
Thus, the only option avaliable is to push an unpopular tax measure to give life to the markets and save mankind. If it works, govts can remove the tax measure and remain in office, and be credited for the success of averting the current crisis.
If they fail, they will get the boot, same as not pushing such a tax anyway. Govts have nothing to lose at this point.
So if i were you, better think twice about hoarding money and not spending it. Tax is not like CPF with returns. Once out of your hands, it gets circulated, lucky if you get more than you give, too bad if you get nothing back.
And forget about running to another country to live where tax will be lowered. The 'Bretton Woods' summit of world leaders will be commencing soon, to act in a coordinated manner to save mankind. Each country will act in unison. They all have nothing to lose.