When someone hears "The greatest wealth transfer…", if they are into crptos or silver, they think of how they will be the recipient of great wealth, because bitcoin is the future of money. And, we got in early. (Sadly, even if you got in today, you are still early. Meaning we may have a long time to wait).
However, there is another group talking about "The greatest wealth transfer…" meaning when the Baby Boomers have to give up their wealth. (you can't take it with you, when you croak) These people see that the Boomers have most of the assets (excluding "the rich") of all the generations.
But, there are two big problems, and one YUGE! problem.
- Nobody can afford the boomer's assets
- Nobody wants the boomer's assets
- All their wealth has already been stolen.
Nobody can afford the Boomer's assets
Most people cannot afford a house at today's prices. And Boomers want full market value for their houses, and their second houses. So, when the Boomers want to sell their houses to get at that equity; when the Boomers dump 25% of the houses (and almost 50% of the value) onto the market, nothing will happen. There are no buyers. Builders are having to slash prices to sell their recently built homes.
I imagine that the Boomers will have to drop their sale prices by 50%, that is, if they sell soon. And that is to start getting nibbles.
When it comes to selling their stocks, there are no retail investors there with capital to buy them up. The only group that is buying bonds is the Fed.
Basically, all of these prices are being held up because Boomers aren't selling in mass yet.
Nobody wants the Boomer's assets
The Boomers also have large collections of (model) trains, planes and automobiles. And they will find that there is no one to afford these. Further, those collections of Elvis paintings on black velvet, tea cups, collector plates, etc. will find no buyers, because nobody wants them. The newer generations have been financially repressed and so have never taken up collecting. The nostalgia isn't there. Rare is it to find someone of the younger generation that has a collecting as a hobby. Unless it is a digital collection as in Pokemon.
The Boomers, looking down from heaven, may be appalled as they see their children take their precious collections and throw them in a dumpster. If it isn't silver or gold, most of the collections aren't wanted.
So many sets of fine china, that probably haven't been eaten on more then a dozen times, is junk to the younger generations. Plates can be bought at the dollar store. And paper plates are entirely easier to use.
For years the Boomers have collected things, and the joy of that was never shared. And financially, the youngest generations can't enjoy it. Thus, all these things belong in a museum or a dumpster, according to the inheriting children.
The wealth has already been stolen
"The pensions are underfunded."
This statement is completely wrong, it would be more appropriate to say:
- The money has already been moved out
- This is a cover story to hide the theft
- It was always designed to fail. The returns expected where always pie in the sky.
So, just like Social inSecurity, what is being said is just to place the blame elsewhere and protect the fraudsters.
If you have watched Catherine Austin Fitts, she talks about the break away civilization, and the theft of the retirement accounts.
If someone doesn't do something drastic (as in prosecute the bad guys and get the stuff back) Boomers are going to wake up and find the news saying, that the stock market is found to be completely fraudulent, and all the stock they felt they owned are gone. Then, the SEC will make sure that the Boomers are completely screwed by locking all brokerage accounts, and claiming any funds in them as necessary to make things better. I estimate it will be a decade before they figure out who gets what, and who takes haircuts.
(The SEC has been shown the fraud in the metals exchanges, and have done nothing about it. Don't expect them to start actually doing their jobs now)
Basically, the Boomers are wealthy only on paper. And soon, it will be found out that all the Boomers are as poor as poor Boomer who are living only on Social inSecurity.
Those expecting the wealth to transfer to younger generations and stimulate the economy, are waiting for something that will never come.
The whole economy has been hollowed out. But, so many Boomers think that they are immune to that. That they got theirs. Unfortunately, this is not true. And the younger generations have much animosity towards the Boomers.
So many things happened under the Boomer's watch:
- dollar removed from the gold standard
- coinage removed from silver standard
- factories moved to Mexico and then China
- the corporate ladder filled with boomers so youth never had room to climb
- women in the workforce, twice as much taxes, lower wages
- Trickle down economics, that only helped the Boomers who were already set
Yes, all of these evils were sold to the Boomers, but we are talking about the same group who marched against the war. From other's point of view, the Boomer sold out, and thus, they deserve what is coming for them.
Younger generations see themselves as paying for Boomer's retirements. Paying into Social inSecurity that they know they will never see. And they don't even own their house.
Things do not look good for any generation.
The only bright spot is that bitcoin may save us.
I think I heard one financial literacy advocate who says exactly the same thing.
!BBH
!PIZZA
!LOLZ
Anyone who analyzes this thing without bias for boomers, comes to the same conclusion.
Not as many of them think that housing market is going to CRASH to zero, but they all see the impending doom of dumping 25% of the stock on the market.
The ones who don't get to this point want to hold onto the American Dream, not realizing it is gone.
The tension and fighting among generations is tough to watch and to live in real time.
A lot of what you say is true and the odd and upsetting thing is I have had to deal with my parents not understanding the value of things that actually matter a lot in part because they were overpaid by an inefficient organization that ultimately went bankrupt. Their compass of value is all out of wack.
They got rid of a bunch of vintage auto shop signs that were my Grandpa's that both myself and my sister wanted just to get US paper dollars losing value real time.
One of the things I have learned about that generation is very few of them have any legitimate plan to grow generational wealth. They always seem like they are going to teach everyone the value of a dollar when they themselves have no real understanding on how much devaluation has occurred and that the younger generations don't really have anything to work towards.
The new yung bloods coming up can save up to eat a ball of seed oils and saw dust and if they work real hard they can subscribe to their teacher's OnlySimps account and also their best friends sister's account.
Most boomers would rather sell and take a huge tax hit or let it go through probate just so the next generation doesn't get it so they can "teach the value of a dollar."
Go to college bro
Get a good job bro
Invest in a 401k bro
Just be yourself bro
Ask the girl out, the worst she can do is say no, bro
All the Boomer advice that led to the latest generation becoming bankrupt before they got into the workforce.
And, yes, i have seen mighty battles between Boomers and their children. Many Boomers are donating it all to charity, just 'cause.
But they do not realize that their medicare, their elderly care is GONE or is going to be MUCH more expensive.
Latch-key kids don't feel much pull to take care of their elderly parents.
Well it raises a very good question about unconditional love. Sometimes you get the idea that even with people's boomer mom's they expect "success" not to see their child happy but to be able to tell the few people they talk to how Little Jimmy has a certain career. But yeah I get what you are saying about these latch-key kids not feeling the pull to take care of their elderly parents. They just look at the parents and just feel like they were vengeful and extreme shit talkers the whole time and wouldn't listen to the kids so they just dump them off at the cheapest care home where the staff is beating the shit out of them so the parents can "learn the value of a dollar." It's sad really but I would say there are all levels of making sense.
It's hard for people to break brokey mentality and hard for people to get out of the middle class rut and going by a 1952 playbook isn't really going to play today. You would think it wouldn't be that hard for them to figure out but they really can't.
That's part of the reason why in various different aspects of my life I match up with the younger generation to sharpen my swords and learn from them. Basketball is a great way for me to do this because I see what is in their bag or where their game has advanced compared to 20 years ago.
As far as business and crypto goes I see everyone's brain is getting more and more tweakery. On to the next thing, on to the next thing, on to the next thing. That is why this 3 month power down cycle on HIVE or the 8 Year Gang on ICP is NOT POPULAR to the Yung Bloods. Everything needs to be liquid or they are staying away. Tucking money away in a savings account means NOTHING to them......they want a super car TODAY!!!
But why do they want a super-car?
That is a deep rabbit hole.
To get the gyrls is a poor reason to own a car that costs more for regular maintenance then your apartment.
Rebuilding a V8 and dropping it into some 90s chassis can get you awesome performance at far less price, and a lot of skills to boot. There is a lot more about tweaking a car to run right, then just stomping on the gas peddle.
That said, the tweakery is real. And may be correct in ways we don't know yet.
They have no time preference. There is no future.
And, if all the bank accounts are going to get syphoned off with bail-ins, having no money there would be a good move. (have a stock pile of cash, you will need it)
Investing in the stock market is the same thing. Its all going away.
However, in the future, knowing how to grow food is going to be YUGE. Other real world skills are going to be YUGE! But, how do you get yourself to do such things, expend time and energy, when it is just better to do fun things now. UOLO, right?
I just think having it all in general. They see guys like Jake Paul and Logan Paul and want that. Or the Ball Brothers. It's nothing new but especially when they have seen people come up through social media. It just makes it seem more like a realistic thing to go for vs going out to LA to be an actor.
The rise was so fast for some.
Crypto has that type of energy.
I have observed a lot of guys play it safe with a lot of things. Normal life never was for me.
That's part of the reason I went deeper into that BlackHole DEX last night. It's a pretty good mouse trap.
Everything we do in this world is for women. A lot of the stuff is an extrapolation of that.
What I've realized over time is a lot of guys are paying out the ass for very borderline results.
It's a strange timeline in a lot of ways but I would say I'm better off now than in the past. Because of crypto and being able to build a worldwide network.
Paying out their asses for often no results.
It is too bad what the young men want is the gyrlz.
It is a drive, and if there was any real path to put that drive into, we could rebuild the world tomorrow.
Too bad wimminz do not appreciate what they have.
He built the house, and i got it in the divorce. What do i need a man for?
That a man spent a lot of effort building that house, affording that house, and she acts like it was paid for by yesterday's starfish action.
We are probably, us builder men, going to get together and decide what wimminz get. You get a 600 sq ft flat, running water and electricity. There, we are done. If you want anything more, pay for it.
I just think having it all in general. They see guys like Jake Paul and Logan Paul and want that. Or the Ball Brothers. It's nothing new but especially when they have seen people come up through social media. It just makes it seem more like a realistic thing to go for vs going out to LA to be an actor.
The rise was so fast for some.
Crypto has that type of energy.
I have observed a lot of guys play it safe with a lot of things. Normal life never was for me.
That's part of the reason I went deeper into that BlackHole DEX last night. It's a pretty good mouse trap.
Everything we do in this world is for women. A lot of the stuff is an extrapolation of that.
What I've realized over time is a lot of guys are paying out the ass for very borderline results.
It's a strange timeline in a lot of ways but I would say I'm better off now than in the past. Because of crypto and being able to build a worldwide network.
So it was basically a façade all along, especially in terms of these pension funds making Boomers planning for their retirement only for it to be rugged under their feet. I think I appreciate the younger generation having little to no affinity with what the Boomers had affinity for. These big mansions, cars and other physical collections seem excess in this day and age.
Americans are so illiterate now, in a few years something gonna go boom
financially i mean
Robert Kiyosaki "Rich Dad / Poor Dad" said the same thing, and spent his life trying to educate people about financial literacy.
Today, if you have financial literacy, all that it gets you, is that you can see the crash coming.
Buy silver, buy crypto, grow food.
$PIZZA slices delivered:
@axietrashgame(1/5) tipped @builderofcastles
Come get MOONed!