Consumption is not the key to economic wellbeing. Deferring consumption is. When you defer consumption and instead invest your resources into enhancing your ability to produce, you wind up producing more.

Consumption beyond subsistence is only possible because of such investments. And its as true for countries as it is for individuals. High levels of consumption are made possible by economic wellbeing, not the other way around.

If everybody decides to defer personal consumption at once, they save more and borrow less. That means more savings and lower interest rates. More capital is then available to invest in new businesses, education and other things that create wealth.

Of course, that's how it works when government isn't distorting the cost of money and subsidizing consumption. Things are so distorted now, no one can tell which banks are sound or whether housing will rise or fall even more.

And all of these uncertainties are a much bigger factor than Facebook.