Had this thought as I came out of REM sleep this morning...
Baby Boomers have made out like bandits at the expense of subsequent generations:
- Low interest rates boost stock prices and home prices - great because they already have those assets
- Hell, now you lose money if kept in a savings account...younger people basically forced to put money in the stock market to outpace inflation...I don't like the concept of having no other choice...and it benefits the boomers more who already have large portfolios.
- High immigration rates encouraged to boost home prices and pay pensions - at expense of greater competition and lower wages for younger workers
- Pensions/retirements/social security/medicare pay out way more than they contributed - paid for by next generation of workers
- List goes on
So, it all seemed wrapped up. I certainly didn't see a way out. But along came Crypto.
Younger people are buying because they like the technology - and i think subconsciously have a feeling that the existing banking/investing/taxation system is rigged and just want an alternative. Kind of a middle finger to the old way.
Now that this movement has led to 100's of % of gains, everyone is noticing. I can already hear a giant sucking sound in the traditional stock market (with all the boomer loot).
Could the entire tables get flipped as Boomers that can't operate a smart phone are left with decimated stock portfolios as 22 year old crypto millionaires take their place?
Can't say I'd feel bad. Of course, just an idea. Could also have unintended consequences. Certainly interesting times.
TL;DR Will Crypto draw money out of stock market and undo the unprecedented transfer of wealth from the younger generations to the Baby Boomers?
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