NYTimes: Once Slave to Luxury, Japan Catches Thrift Bug

From The New York Times:

Once Slave to Luxury, Japan Catches Thrift Bug

In the current downturn, Japan's discount retailers are posting big
increases in revenue while just about everyone else is experiencing
declines.

http://www.nytimes.com/2009/09/21/business/global/21yen.html

There is one school of thought that the US will follow Japan's lost
decade. This article descirbes a culture change. This wave of
frugality has already hit the united states. The challenge will be how
long it takes to emerge from this hole we are digging into.

If the economy is adjusting to a different level, then all attempts to
pump up back to the old levels are a waste of time, money and effort.
And will destroy resources in the process.