Zero Hedge: The Millennials Are Coming For The Boomers' Money: One Bank Sees Generational Conflict Breaking Out This Decade
Late last week, we published the executive summary from Jim Ried's latest must read long-term asset return study titled "Age of Disorder" in which the author makes the case that Economic cycles come and go, "but sitting above them are the wider structural super-cycles that shape everything from economies to asset prices, politics, and our general way of life" Having identified five such cycles over the last 160 years...
* The first era of globalisation (1860-1914)
* The Great Wars and the Depression (1914-1945)
* Bretton Woods and the return to a gold-based monetary system (1945-1971)
* The start of fiat money and the high-inflation era of the 1970s (1971-1980)
* The second era of globalisation (1980-2020?)
* The Age of Disorder (2020?-????)
... Reid thinks the world is on the cusp of a new era – "one that will be characterised initially by disorder."
Read more ....
WNU Editor: About a year ago I gave a presentation to a business group in Toronto on how scared the Millennial and Zoomer Generations were when it came to their economic future. I had did a personal survey of kids from families that I know, and the results were sobering. From their point of view well paying jobs were scarce. University and other debts were crippling. Rents and the cost of living were sky-high. And the prospect of buying a good home was next to impossible for most. And forget about saving money. But what really irked them .... correction .... made them incredibly pissed-off .... was when I pointed out the enormous debt burden and obligations that governments have accumulated over the years that will now fall on their generation to pay-off. My girl-friends two daughters are 21 and 24 years old, and their politics and views are being shaped with what they are living through right now. And they are not happy with the future that they are seeing, even though they are far better off than most of their peers. The youngest one has especially become radicalized, and has zero interest in listening to me on why these views will eventually damage her. And this was all before the pandemic!!!! For the moment the Millennial and Zoomer Generation do not have real political power. But when they do .... and that day is rapidly approaching .... there will be a reckoning.
Update: Here is a revealing collection of mugshots from those who have recently been arrested in New York City for rioting .... NYPD releases mugshots of alleged rioter Clara Kraebber, comrades (New York Post). These Millenials come from affluent families, but they have become radicalized to the point where they now just want to spread mayhem and destroy the system that has educated and provided for them. From their point of view they have no future, so let us then overthrow the system to have one. For the moment these people have been bailed out and will face the court system. But here is the scary part. It will be people like this with these views who will be running the country in 20 years.
