05/08/2017 - Dr. Marc Faber: Are High Home Prices [Driven By Repressed Interest Rates] Turning American Millennials Into The New Serfs?
“They are concerned about political correctness, about having the latest-model iPhone and the number of likes their photos receive and how many followers they have on Facebook. But most of all, they are concerned about extracting as much as possible from the government in the form of subsidies and other kinds of benefits. It is a generation that avoids hard work (such as on the factory floor), and is content to work part-time in bars and restaurants, and to live carefree .. It is also the generation whose major contribution to civilization may be the invention of ‘retirement before working’ .. Needless to say, this concept of retirement before working has been fostered and encouraged by governments, which, with their generous transfer payments, make it more economical for some people not to work .. Therefore, compared to the boomers it is only natural and completely understandable that the millennials’ drive for achievement and thriftiness are inferior to the one that their parents had. But can the relative decline of the financial condition of the millennials be satisfactorily explained by their less entrepreneurial spirit? .. ‘The spirit of risk-aversion is also infecting corporate America. The once lavish budgets companies devoted to research and development are now spent on legal compliance and human resources.”
FRA Commentary: The pillars of financial repression like repressed interest rates has resulted in high asset and real estate prices .. this is shaping the views by millennials in many ways – we will explore these ways with Charles Hugh Smith in an interview discussion this week.
