Comments on: Fortunately Private Debt is Not Inheritable

By: Novista

Novista — Tue, 02 Jun 2009 06:55:39 +0000

There's an inscription in an Egyptian pyramid that translates as "The young are going to the dogs." Apparently there's always been a generation gap. Or gripe.

I remember being on some blog last year and seeing a Gen Y comment that the older generation screwed up the world and all these unearned eaters were unwanted. Well, that was too good to pass up. So I responded:

Lucky me, not a boomer due to being born in the great depression. Sonny, if you think our world was perfect, you missed the memos. Like the stock market crash of '29, wage and price controls, cattle and pigs being slaughtered to keep prices high, even as people in the streets were hungry.

Then there was 1937, the recession in the midst of the depression. Soon followed by a day of infamy, WW2, the Korean War, the Cold War, the doomsday clock, 70s stagflation, Vietnam, and everything since.

So, no, nothing in my early life was a perfect world, and nothing changes.

By: Biker Pete

Biker Pete — Tue, 02 Jun 2009 03:52:57 +0000

Not a lot of intergenerational heat over here in the West, Ned. Or perhaps it's there, but less heated(?)
I recall that as a kid in the fifties and sixties, we all figured the oldies had screwed the planet, so I guess little has really changed much. We're business partners with our kids (having given them nothing but advice, much of which they've declined) but there's no pretense that we're putting into place much that will survive us... just a healthy respect for our health, wealth, the planet and its resources. Ultimately our financial decisions are implemented and retuned primarily on the basis of our family's needs over the next few decades. The only brain surgery engaged (with a few antiseptic grains of salt) is that old medical adage: 'First Do No Harm.'

By: Ned S

Ned S — Tue, 02 Jun 2009 02:52:28 +0000

Biker - You are probably flogging a dead horse mate - If they aren't bright enough to figure out the real problems for themselves after all the education they've had, nothing much you can say will convince them the world won't automatically become a better place the moment all the nasty old boomers are dead. (And/or the boomer's money has been given to them?) Not sure what Bill Bonner gets from pushing the intergenerational hate line though? Sounds more like a divide and rule line I just could expect from government if they find themselves in deep enough poo??? Mike - Stop being a goose - "They" are destroying the value of your money just the same as they do with every generation. It's just a sneaky trick to keep us ALL "workin' for da man" for as long as possible. But if you really are a committed caring and sharing type, there are probably at least a billion Chinese who'd like to have a chat to you about the fact that your real per capita GDP is probably about 10 times their's ... I'd love to be a fly on the wall during that conversation. Personally I reckon it's MY parent's fault - They were OBVIOUSLY oversexed and bred WAY too much!!! (Smile.)

By: Rageoveralostpenny

Rageoveralostpenny — Tue, 02 Jun 2009 02:21:11 +0000

I would help my 7 kids to fold em. Never liked the game anyhow. But, as Jon asked. How do you go about doing that? I already provide as much resistance to this gov. as possible.

By: Biker Pete

Biker Pete — Tue, 02 Jun 2009 01:49:05 +0000

Every generation has been self-centred. We Boomers were no different. My sons are no different. If you don't like the heat, get outa the game. Quit bitching. Fold 'em. Walk away. Play your own game... .

By: Jon Bain

Jon Bain — Tue, 02 Jun 2009 01:31:09 +0000

what do you mean by fold 'em? ... precisely??

By: Mike

Mike — Mon, 01 Jun 2009 11:45:59 +0000

This is an excellent article, Bill.

My wife and I were just discussing last night how self-centered the baby boomer generation is as a whole. They divorced without thought to the effects on their kids, they partied, they ran up massive debt.

Now they want the biggest credit card ever to offload this debt onto the next generation(s). It's really sad.

I agree with the fold 'em philosophy. Thanks again for your insight!