Under the valun system, savings would not lose their value through deficit financing, and people could save and insure against hazards without fear of their savings being watered down in value. Such saving is a mark of prudence. A money hoarder, on the other hand, is one who insists on giving value without receiving value—a monetary masochist. He harms no one but himself, if his extraction of money circulation does not starve exchange, and it cannot if money creation is not controlled by a monopoly.