He takes a surprising turn on this Lehman Kaboom. Relates it to Steyn's thesis on the demographic weirdness of our times... Interesting. Whaddya think, FCP?
Monday, September 15, 2008
Spengler Says" A bit of Gloom, No Doom, but Where Are the Children of Men?"
He takes a surprising turn on this Lehman Kaboom. Relates it to Steyn's thesis on the demographic weirdness of our times... Interesting. Whaddya think, FCP?
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There is nothing complicated about finance. It is based on old people lending to young people. Young people invest in homes and businesses; aging people save to acquire assets on which to retire. The new generation supports the old one, and retirement systems simply apportion rights to income between the generations. Never before in human history, though, has a new generation simply failed to appear.
Well put -- and cutting to the chase. But of course Versaillists will never understand this.
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