Quote:
Originally Posted by PBzeer
Nothing CAN change, as long as people continue to live a lifestyle based on credit. The generational shift between the WWII generation and the Boomers is one built largely on credit, as the need for instant gratification replaced the plan and save mentality of earlier times.
When you look back through history, every dominant Western nation has eventually succumbed to the excesses brought on by a lowering of moral standards. By the exaltation of man and the fulfillment of his desires as the ultimate sophistication. And when you abandon the traditions and values that make such exaltation and fulfillment possible, then the slide back down has begun.
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In that regard, monetizing the debt would be great for young people. Oh, you spent your whole life working to save up that million $us ? Well, let's see how long that lasts you when we quadruple the price of a burrito.
It doesn't matter for young people, their salaries just quadruple and they get the same number of burritos for an hour's wage as they always did.