Millenials are not spoiled.

[Swampy]

They're defined as those born after 1980, and, since we're in the worst economic slump since the 1930's, they're not going to be the entitlement generation. I understand how they feel, because, when I graduated from law school over twenty years ago, I couldn't find a job for months, and that was soul-destroying.

As an elder, I say that, while they have to work, just as we do, we have to provide a society where they can do that and fulfill their dreams. Thing is, we're not dong that, and, as an elder generation, we're barely surviving.

[Deleted]

Unless you were in your 40s when you graduated from law school, calling yourself as being of an "elder" generation is laughable. Elder than the one that followed you but hardly elder.

[Swampy]

I think you just made my day.

[Deleted]

Happy to be of service.

[Swampy]

The Millenials are apparently aggressively whittling down their debts - impressive.

[mcnoch]

I think that is part of the more conservative mind-set, about which we talked somewhere else here, having debts make you less free, especially when the debts are caused by short lasting consumer goods and not long lasting investments, like student-credits.

[Sir John]

We have a couple of conflicting circumstances here.

Sixty years ago a man worked until 65 and died at 75 or so. A retirement of say, 10 years, most of that on the government pension.

Now he retires at 60 or even earlier in some cases and dies at 80+. Twenty plus years on the government pension. He has paid contributions for less years, and taken benefits for more years.

Working longer is not always an option, and from my own experience all employers, from the small corner shop to a big Corporation, employs the MINIMUM number of people to effectively run the business.

If the Old codgers work longer, it will clog up the opportunities for the school or college grads. The employed workers will still stay at the minimum. This cannot continue, the country, any country, cannot afford it. It is INSANE to try and cover the difference with borrowed money, it is a path to financial ruin for any country.

JMO



SJ

[Swampy]

So, OC, if you were asked to solve the world's problems, what would you do?

[Sir John]

Same question as OTR, and the same answer.



..........Force ourselves to live within our means, and for a Government, that means a GOLD STANDARD currency.

Never ending deficit budgeting must come to an end, and that means a GS.

There is NO sane law that says a person is ENTITLED to a free ride on the taxpayer forever. You cannot forever allow your UNproductive citizens to live off the taxes of the productive citizens.

Look after the paraplegics etc of course, but a fit man should have no more than 6 or maybe 12 months benefits - total, just like it used to be a decade or so ago. The annual budget MUST be in balance, and no Bonds can be issued, and no currency notes printed, that exceeds the Gold held in the vaults.

This applies primarily to the US 'reserve currency', but also to all the major currencies used in world trade, the Euro, the Yen, the Yuan, and so on. I am convinced that in due course, probably within a year or so of SHTF Day, the world will be forced into this situation. The alternative has NOT worked and you cannot stop a politician from spending money if he can get away with it.

That is why most of the world's Central banks are buying all the gold they can get their hands on.

A Gold standard based on the US economy would require a revaluation of Gold to somewhere between US$10,000 and US$15,000 an ounce.

as always, JMO



SJ