Why do Boomers own everything?
By their 30’s Boomers owned 20% of national wealth.
For Gen X it was 8.5%.
For Millennials it’s not even 3%.
The Federal government — and the Federal Reserve — broke the young.
Discussion
Because that the real estate that boomers own appreciate much faster than the general rate of interest in society, and with little or no labor input required. Also because the payoff from investment was much higher in the years after the war up till the 70s and the energy crises.
And of course, after women entered the workforce en masse, the labor supply increased significantly meaning that the wages dropped relatively to hours worked, a trend thathas kept steady since then. This means the ability of younger generations to both make a living, pay off debt and after both of these, accumulate savings in real terms, are severely diminished.
All because land value is treated as private property. First come, first served.
#econ #lvt
Alas, even though it's established lore in Bitcoin/Libertarian circles, the FED has a very minor role to play in this tragedy.
How does the FOMC’s decisions that heavily influence Boomer’s wealth accumulation through various channels such as interest rates, stock market performance, and housing market dynamics play a minor role?
This may not be entirely due to any direct actions by the Boomers/GenXers/Millennials etc. A large part of it is simply that the extraction of wealth by the parasitic overclass -- and the diversion of wealth to the parasitic underclass -- was accelerating all along.
Imagine the documentaries we are going to watch. Looking back at those times. Fiat standard as the biggest theft in human history.