November 19, 2013

Sacrificing the Young to Save the Old

A commenter wrote in response to an article in the Financial Times and in response to central banks hosing us down with cheap money and creating growth based on monetary steroids here:
"Being 24 years old with two years of experience in finance in America, I cant help but really depise the current amount of monetary easing going on at all the major central banks. 
I cant for the life of me justify the current levels of home, energy and food prices given the state of the global economy. However it seems that the major central banks are all so desperate to keep OLDER people rich, that they will never let prices of anything drop so that they actually make sense to new entrants to the work force. 
Simply put, I wasnt working during the 80s and 90s, Older people have a massive advantage in the sense that they worked in more stable economies, with higher wages, interest rates and steadier real estate and stock market performance. However now I feel like central banks are so dedicated to keeping these older folks wealthy, that young new entrants to the labor market only get stuck with paying inflated taxes to cover boomers retirement, AND rock bottom savings rates so that BOOMERS dont lose value on their homes. 
When is anything going to be done for US? The young generation."

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