12 July 2012 - debt to generations

I changed my mind. The financial crash wasn’t Reagan’s fault, it’s the fault of his whole generation. People who lived through the Great Depression knew from experience that debt is risk. But rather than passing their values on to the next generation they instead insulated their children from the risk, taking care of business like never before. The Boomers and following generations grew up believing that money could never run dry, because in their experience it never did. That’s why great crises occur one lifetime apart. Well, that problem won’t come back soon, but think ahead: Now we insulate kids from physical risk, so in about 2060 they’ll carelessly destroy the world.