The Unz Review: An Alternative Media Selection
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
 Robert Stark Archive
The Real Wealth Gap
The intergenerational wealth gap, the housing crisis, and how “BLM vs. MAGA” poisons the discussion on every issue that matters.
🔊 Listen RSS
Email This Page to Someone

 Remember My Information



=>

Bookmark Toggle AllToCAdd to LibraryRemove from Library • BShow CommentNext New CommentNext New ReplyRead More
ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
AgreeDisagreeThanksLOLTroll
These buttons register your public Agreement, Disagreement, Thanks, LOL, or Troll with the selected comment. They are ONLY available to recent, frequent commenters who have saved their Name+Email using the 'Remember My Information' checkbox, and may also ONLY be used three times during any eight hour period.
Ignore Commenter Follow Commenter
Search Text Case Sensitive  Exact Words  Include Comments
List of Bookmarks

Recent events have made it harder but more necessary than ever to eschew the reactive tribalism encapsulated currently by “BLM vs. MAGA” in favor of an honest dialogue about the material conditions under which middle-to-lower class Americans in both camps increasingly suffer. Case in point is the BLM camp’s focus on “white supremacy” as a supposedly foundational force of inequality within society. Few would argue that racial prejudice isn’t a driver of inequality in many areas of American life, but in the bigger picture, is it the most pertinent one? Is it the most productive thing to focus on in 2020? Certainly, it is not the most unifying.

A glance at the data on the racial wealth gap reveals that while such a gap exists for all age groups it rises dramatically with age. The racial wealth gap for the 18-34 range of American adults is approximately six times less wide than it is for Americans 75 and up, according to the 2016 Survey of Consumer Finances. No one in the millennial age range has much wealth, in other words, while white boomers remain the wealthiest people in America by leaps and bounds. How the racial wealth gap will look over the next 30, 40, or 50 years is difficult to predict but that it won’t reach anything near the chasmic level between white boomers and black boomers seems a good guess given how staggeringly harder it is for millennials of any race to build wealth than it was for boomers.

The intergenerational wealth gap, and the plight of the “screwed” millennial generation has been a part of the national conversation since the 2008 financial crisis, and certainly calling attention to it was a significant factor in Bernie Sander’s appeal to young people. Yet the rhetoric of the cultural left often seems bent on distracting from this. It is perhaps no coincidence that immediately following the “Occupy Wallstreet” movement the mainstream media and press began talking about racial inequality extensively, creating a powerful distraction for left-minded young people away from the purely economic issues which could unite the country. Wokeness-studies graph guru Zach Goldberg illustrates this curious timing exhaustively in a recently reposted series of graphs. Whether the recent surge of “Black Lives Matter” activism and support is truly the result of organic, grassroots, consciousness-raising or the latest monkey-wrench thrown at the possibility of American class-consciousness is for you to decide. Certainly it seems fair to argue that the outpouring of pro-BLM sentiment from virtually every large corporation in America, and moneyed-boomers elsewhere in public life, is a PR move: a way of fulfilling some necessary noblesse oblige by endorsing a specific identity politics issue rather than thinking through the more general stabilizing and uplifting of the bottom half of society that we so direly need. That might require actual financial sacrifice after all, and it just doesn’t make for quite as fashionable of a hashtag.

The real shame of the new “BLM vs. MAGA” chapter in the culture war—or the real advantage if you are in a financial position that would be threatened by the boat being rocked—is that it makes everyone revert back to the baser, less-nuanced, less-pragmatic, version of their politics. A Trump voter who might have been sympathetic to protectionism, Universal Healthcare and even wealth-redistribution if you’d asked him six months ago now sees an implicit threat to his civilization in anything resembling socialism thanks to the actions of “activists” who see riots, looting, defunding the police and desecrating monuments as the justified and necessary first steps toward creating an equitable society. He thinks, perhaps not without justification, that stopping these lunatics should be a top political priority. Those who promise to represent his interests in this regard may hold fiscal policy that goes against his interests, but he’s angry, even scared, enough that he won’t read the fine print. It’s easy to get him to buy into the regressive Reagonomics of yesteryear since the Marxist-tinged, or otherwise left-wing, movements he sees in his country are so racialized and cultural in what they seek to promote and destroy.

On the other side, the energies of those in the Bernie Sanders crowd who are aware of the problems facing millennials, and middle-to-lower class Americans generally, are distracted from this bigger picture thinking that could have a common-sense, average-joe appeal if it found itself on the national stage. They are instead focused squarely, in many cases hysterically, on identity politics issue which poses significantly less of a threat to the financial powers that be and substantially more of a threat to normal Americans. The status quo is thus: two tribes—called “BLM” and “MAGA” above— clash futilely, while the moneyed corporate and political powers that be signal as they must for votes and reputation but carry on largely unscathed.

An illustrative example of the depressing regression in the national political conversation is the case of Nimbyism vs Yimbyism (the so called “Not in my backyard” vs “Yes in my backyard” debate regarding the construction of new housing projects, and how to deal with the housing crisis in high cost urban areas generally). This debate has recently been stirred up by two proposed housing bills: SB-50 in California which would have up-zoned areas around public transit and another, more ambitious series bill in Virginia, which would end zoning exclusive to single family homes.

Right wing media has sided squarely with the cause of Nimbyism. As with the socialism-allergic Trump voter, the right-wing kneejerk Nimbyism is emotionally understandable when you look at the rhetoric of the opposing side. Factions within the Yimby movement are all-too-eager to align their cause with that of “woke” politics. Many left-leaning politicians and journalists advocate using up-zoning as a way to diversify the suburbs and redistribute the wealth from the equity of well-off White homeowners. This kind of rhetoric has been especially prevalent in the conversation surrounding the Virginia bills. Conservatives will also often point to examples of Democrats promoting the construction of section 8 housing in Suburban areas. The absolute most-horrifying version of this kind of anti-white-neighborhood rhetoric came out during the recent riots, when the woke consequences of burning down white neighborhoods were casually discussed on twitter.

With such culturally loaded rhetoric in the conversation, who can blame conservative Americans from taking a kneejerk stance against all Yimbyism? But we must look past the surface level, and perhaps swallow some hard pills before we can formulate our ultimate stance on the matter. Once again what we are really looking at is an intergenerational gap in wealth that we cannot talk about as such thanks to the poison of culture-wars issues and resentments.

Conservatives are often sympathetic to the Nimby argument because they view the single- family home as a placeholder for an ideal of the American dream, based on a middle class, homogenous, high trust society that has become increasingly rare. Based on their antiquated picture they view Yimbyism as part of the left’s assault on the American way of life, or part of some UN agenda 21 conspiracy to overturn property rights.

The conservative Nimby homeowner wants to protect the character of his neighborhood, his investment, home equity and property values. The woke Yimby will then accuse him of not wanting to integrate his neighborhoods. There is indeed an element of implicit whiteness to what the single-family home symbolizes to conservatives, as a buffer protecting the middle class against the coalition of the ascendant and bad policies of the left. While that idealized lifestyle may still exist in places such as Utah it has already been lost and can’t be recreated in places like California and thus the single family home in a place like San Jose or the San Fernando Valley is just a symbol of what once was.

Demographic change continues regardless, as restrictions on new housing combined with high levels of immigration create an even greater scarcity for millennials looking to rent or buy. In the case of the Westside of LA, the combination of housing restrictions and poor school quality has made it difficult for even the moderately wealthy to start families. Nimbyism is in fact an ineffective strategy for holding back demographic change as immigrants are much better adapted to scarcity, and close living quarters.

The reality is that suburbs are transforming as rapidly demographically as high-density urban cores. This is characterized by an increase in ethnoburbs, and aging suburbs full of empty nesters where once high performing schools are closing due to lack of enrollment. This creates a zero-sum game of competition among groups where one group can’t grow unless it’s at another’s dispossession.

Wokeness, meanwhile, is far from the fundamental rational behind Yimbyism. At core, the Yimby coalition is comprised of millennials left out of the housing market who advocate the reforming of zoning laws to allow the building of more housing units in existing neighborhoods.

Most rank and file Yimby sympathizers are not left-wing social engineers but rather millennials from middle class backgrounds who have worked hard, played by the rules but have found the American Dream unattainable.

What the conservative Nimby defends goes scarcely beyond his immediate, selfish interests. He sees himself opposing the woke Yimby crowd and their radical cultural politics. What he doesn’t realize is that he throws the baby out with the bathwater—opposing bad left-wing politics, yes, but with such a lack of nuance as to close himself off to any conversation about how the next generation might achieve even an iota of the success he enjoyed.

The only group that really benefits from the housing scarcity are older, established , empty-nester, homeowners, who, in the case of California, are disproportionately liberal. Their home values continue to soar, with the added benefit of cheap labor from illegal immigrants, and not having to worry about the quality of local schools. This particular liberal demographic is the forefront of the Nimby cause in California, with conservatives on the sidelines, along with the anti-gentrification activists who make the opposite case, that Yimbyism will bring in too many whites into communities of color. We won’t go on for too long about liberal Yimbys here—the sort of people who live in Malibu—but suffice it to say they are among the biggest hypocrites in the country. Like those who call for the defunding of the police while being able to afford private security; radical-leftist-elitist haters of the American way of life, and any white people who fall socio-economically below them.

Why should conservatives care about the socio-economic success of the next generation anyway? The question hardly needs to be answered for anyone not fully under the spell of Ayn Randian objectivism, but we will provide one anyway.

The core demographic for conservativism has always been middle class families and if the right is serious about having a political future, they must ensure that group thrives. They already lost the political battle in California when it became impossible for the middle class to start families and have a decent quality of life. Whites and middle-class people of all backgrounds have left the state in droves, and, of those who do stay the family formation rate is low. The older conservatives who do remain in California hold onto Nimbyism—as well as Prop 13, which also disfavors young families—as place holders for conservatism, but fail to invest in future generations.

This lack of new housing is keeping many millenials in a state of life-long adolescence and, thus, inclined to be liberals, easily swept away by the culture of narcissism, simplistic hashtags, and the sweeping reductions of history we have seen recently boom in the wake of the George Floyd protests. The research of Professor Joel Kotkin, the author of one of the foundational think-pieces citing millennials as a “screwed generation”, which he recently revisited here, reflects how the conditions of economic scarcity coupled with environmental concerns have lead the generation to be deeply, even morally, opposed to having children. The more stake a person has in society—afforded by such things as children, homeownership, and steady work—the more at least small-c conservative they will be. Largely, the fiscal policies that the Republican Party and conservatives have supported for the past 30-40 years have created the precise conditions which lead people away from social conservatism.

Back in January, Tucker Carlson predicted that “the candidate who makes it easier for 30-year olds to get married and have kids will win the election and will deserve to win.”

“Improve people’s lives and they will vote for you,” he concluded. This was before covid-19, before the riots, and Bernie Sanders was still the Democratic frontrunner in many of our minds. Indeed, it was just five months ago but a completely different political landscape. Tucker was saying this as a warning to the Trump administration and its diehards that if they didn’t get their act together and promote policy that would make a demonstrable difference in the lives of Americans, Bernie was going to win.

We’ve already seen this trend, with many younger Whites, from working class to upper middle class backgrounds, going over to the Sanders side because the current system has failed them and conservatives have focused more on symbols of Americanism, such as, a house in the suburbs, rather than providing them a clear path to succeeding and starting a family. One has to wonder: if Bernie had stuck to his fiscal message and not allied himself with such cultural-politics figureheads as the AOC/ Ilhan Omar crowd, not to mention Cardi B, would he have matched or surpassed his 2016 numbers with white Midwesterners and received the Democratic nomination?

Any palatable politics of the American future will have to take this kind of culture-wars transcending, essentialist thinking into account. Even from a conservative point of view, one message from the recent civil unrest rings true: the system is not working and is in dire need of reform.

 
Hide 130 CommentsLeave a Comment
Commenters to Ignore...to FollowEndorsed Only
Trim Comments?
    []
  1. A mess of pottage. The simple facts are that we are in the midst of a global civilizational re-positioning event where the old, decadent Western Civ has been displaced, and the power struggle over what will replace it is underway. Or maybe finished, depending on what your timeframe is. Either way, the middle classes and all that used to represent aspirationally in the West (particularly in the expansive USA) is over and done with.

    • Replies: @sally
    , @Richard B
  2. America is finished. The cultural elites are hostile and corrupt. Over 1.5 million 3rd worlders arrive in the United States every year. Maybe some place like Wyoming or Montana might have a future for conservatives.

  3. Whipping up intergenerational identity politics serves exactly the same purpose as race war identity politics or sex identity politics or any other identity politics. Who pays you for your whipping up?

    • Agree: Delta G, R.C.
  4. This article is definitely headed in the right direction. Everything is downstream of the economic chasm between Boomers and the younger generations.

    • Replies: @JohnPlywood
    , @Delta G
  5. Rahan says:

    The predatory capitalist system made up of corporate ganglia and individual human cells probably attained quasi-sentience, after centuries of being less and less dormant, the moment computers became its nervous system.

    It quickly squeezed out the symbiotic version of the market, and enforced the parasitic paradigm.
    For a while in the past, as the system was still slower and blinder and balanced between symbiosis and parasitism, it was also physically anchored to certain lands—parts of the US and the UK, for example—and while in the provinces the symbiotic version ruled mostly, in the bigger cities the parasitic maw yawned wide.

    As they hoovered up the wealth of external nations, around these black holes sprung up entire ecospheres that lived off the debris being sucked in. This was the “center” in the “center—periphery” classical division.

    Today, however, the newly quasi-sentient parasitic capitalist system is no longer anchored to specific lands. Its ganglia—the corporations—is now “virtual” and exists mostly in the abstract realm. Thus, the whole physical world is now its feeding ground. The places which used to profit from being around the hungry maw and feed off the debris it sucked in, are now also “the periphery”, and thus also now food.

    Now everyone gets to be injected with digestive fluid, broken up into manageable chunks, and sucked dry.

    The US is currently being fed on by the entity, and the useful idiots on the Baizuo left and cucked right are its physical agents that help the process along. They are the zombified ants whom parasite bugs control in order to eat their larvae.

    Ironically, over the last decade, China and Russia built up defenses against the ravenous parasite, and it mostly rages outside their walls, trying to find a crack, or to brainwash enough internal individuals to get them to open the gates and invite it in.

    Today in the US and the whole formerly western formerly democracies, you’ve got populist rightwingers and leftwingers who want a humane, symbiosis-based society, and you’ve got corporate rightwingers and leftwingers, and their zombified useful idiots, who serve the parasite and would feed to the mega-parasite the last shred of their own societies.

    Which they do not see as their own, merely as props to their own psychopathic storylines.

    https://infogalactic.com/info/Sacculina
    The female Sacculina larva finds a crab and walks on it until it finds a joint. It then molts into a form called a kentrogon, which injects its soft body into the crab while its shell falls off. The Sacculina grows in the crab, emerging as a sac, known as an externa, on the underside of the crab’s rear thorax, where the crab’s eggs would be incubated.

    After this invasion of the Sacculina, the crab is now unable to perform the normal function of molting. This results in a loss of nutrition for the crab, and impairs its overall growth. The natural ability of regrowing a severed claw that is commonly used for defense purposes is therefore lost after the infestation of Sacculina.

    The male Sacculina looks for a female Sacculina adult on the underside of a crab. He then implants himself into her body and starts fertilizing her eggs. The crab (male or female) then cares for the eggs as if they were its own, having been rendered infertile by the parasite.

    When a female Sacculina is implanted in a male crab it will interfere with the crab’s hormonal balance. This sterilizes it and changes the bodily layout of the crab to resemble that of a female crab by widening and flattening its abdomen, among other things. The female Sacculina then forces the crab’s body to release hormones, causing it to act like a female crab, even to the point of performing female mating dances.

    Although all energy otherwise expended on reproduction is directed to the Sacculina, the crab develops a nurturing behavior typical of a female crab. The natural hatching process of a crab consists of the female finding a high rock and grooming its brood pouch on its abdomen and releasing the fertilized eggs in the water through a bobbing motion.

  6. @Intelligent Dasein

    Indeed, this was a rare article, concise and intelligent, without the paranoia, peril and infirmity that has come to characterize the other authors around here. However, predictably, the paid trolls (Brian Reilly, Ad70titusrevenge, obwandiyag) have quickly mobilized to perform a drive-by shit flinging in the comment section. Some groups don’t like the message.

    • Replies: @jack daniels
  7. Even communism had the generational problem, though their system of distributing privileges and goodies was different

    Young people chafed for decades at the lack of upward mobility in the communist hierarchies

    The old sclerotic leaders would never get out of the way, and so by the 1980s eastern european communism was quite geriatric, symbolised by how two of the Soviet Leaders – Yuri Andropov and Konstantin Chernenko – died quickly after taking office

    The class issue doesn’t ‘transcend’ the ethnic issues, as the author suggests, it is all packed in with it … Bernie Sanders was a white-kid favourite, a dud with minorities

    In a 4chan cartoon, a white kid with a Bernie Sanders hat is trying to argue blacks into voting for him: ‘Free college! Free health care!’ says the white kid. The blacks reply, ‘That shite is already free for us, white boy.’

    The strong child-support benefits in Western Europe, seem to have quickly become utilised as an accelerant for migration and the rapid expansion of immigrant-heritage populations

    Karl Marx himself was opposed to manipulated migration, which he denounced as an oligarch tool against workers

    A pro-young-family culture is striking indeed, and ironically it seems to have been a prominent aspect of fascist authoritarians

    It’s ultimately an issue of social engineering, which is usually controlled by oligarchs, and what those oligarchs seem to have often sought is the decline of european-heritage middle-class families, the breeding ground of ‘dangerous dissident’ individuals who cannot be so easily controlled

    • Replies: @Curmudgeon
  8. What is it particularly you don’t like about Cardi B? – I mean – she seems to be an Internet Personality and she runs a successful business and is interested in politics. I mean, come on, that’s already quite som’n, in”t ‘t?

  9. Thanks for this article. I’ve long suspected that BLM is an effort by the predatory financial elite to take the focus away from their looting of the country. It is, as you say, much cheaper to Donate the shareholders’ money to BLM than to contemplate hiring more black or white working class youth, or paying them a decent salary: that might cut down the cash flow needed for stock buybacks to goose equity prices.

  10. but with such a lack of nuance as to close himself off to any conversation about how the next generation might achieve even an iota of the success he enjoyed.

    It’s the immigration, stupid. In other words, it’s largely too late. This article does a good job outlining the generational gap, and includes discussion of the demographic issue also at play. But fails to state how that originated. It’s discussed like immigration just is and always has been, rather than a scheme set up (or at least accelerated) by the Boomers who were the primary beneficiaries. It didn’t have to be this way.

    Another good point mentioned here is the idea of the oldsters that won’t let go of the levers of power. This is a HUGE problem in getting anything useful done — if not THE problem. We need a new election system that eliminates career politicians. May be a civil service type exam that puts you into a pool of qualified representatives and random drawing of names for public service. You do your service, are paid well for it, then you go away.

  11. Vinnie O says:

    “Case and point” The standard phrase is “case IN point”. If you screw up something this BASIC about technical writing, I don’t need to read ANYTHING else you write.

  12. @JohnPlywood

    You ignore the cultural issues which are the REAL hot buttons, not economic stuff . Also you ignore that the black movement is totally controlled by anti-traditionalist white plutocrats.

    • Replies: @Wizard of Oz
  13. Thomasina says:
    @Homeschooling Mom in NY

    “We need a new election system that eliminates career politicians. May be a civil service type exam that puts you into a pool of qualified representatives and random drawing of names for public service. You do your service, are paid well for it, then you go away.”

    Yes, I’ve entertained this thought too. If the chance of you becoming a representative was just random, that would eliminate almost all psychopathic/narcissistic types in one fell swoop. These types of people don’t like “random”; they like a quick “sure” bet. They enter politics knowing full well they are going to be paying somebody back, making laws more amenable for their corporate buddies, angling on getting a nice corporate job when/if they lose an election, or taking bribes. There is nothing noble about these types, and unfortunately they make up a good deal of the current politicians.

    I also think you’d want more than a civil service type exam. You want people who have actually studied history, the rise and fall of civilizations, what makes a good society, someone who does not blindly act on emotions, but actually stands back and uses reason/thinks. You need people who understand economics, the business cycle, has maybe owned their own business (or at least has an understanding of how hard it is to make it on your own), and realizes the corruption that is embedded in the financial system.

    For all that we’re talking older people, not young. It takes time to see and taste this stuff. Some things you can’t learn in books.

    You need actual statesmen/women who would care for the country as if it were their own child. They’re out there, but they don’t get elected. The psychopathic/narcissistic types do.

    But I like your idea.

  14. Thomasina says:

    The protest is going in the wrong direction. It needs to turn around and head straight in the direction of the Federal Reserve and take it down, brick by brick.

    One of the Federal Reserve’s two mandates is to provide “stable prices” (the other is maintain maximum employment, which should never have been handed to them). How stable have prices been for young families? How about education? Up, up and away! How about health/dental care? Housing/rent? Property taxes? They are getting crushed.

    You’ve got the Federal Reserve artificially suppressing interest rates and handing out money right, left and center to their private equity/hedge fund buddies who take this cheap money, lever up, and buy assets. This is forcing housing prices up beyond the reach of young families.

    Inflation is severely being understated (on purpose). They raise the minimum wage and everybody thinks “yay, I’m making more money,” but it isn’t long before this money is inflated away too and you’re back demanding more. It’s a treadmill.

    The rich are being showered with cheap money, the politicians are practicing insider trading, while half the country is on some form of government assistance.

    They’re burning down the wrong buildings.

    Of course this is all about the elite distracting attention away from themselves. Instigate fighting, divide and conquer, keep the masses occupied with race and political correctness.

    The rioters may be looting, but this looting pales in comparison to the unconscionable looting by the elites.

    • Agree: Mark G., MrFoSquare, FLgeezer
    • Replies: @ThreeCranes
  15. This is a nice try but solutions are lacking. Real reform is simple, from my blog:

    Dec 26, 2017 – California Fleeing

    I left California a decade ago because its decline was obvious. Foreign billionaires arrived and further corrupted the politicians in Sacramento so they just don’t give a damn about working Americans. The biggest problem is housing. Over 70% of citizens cannot afford to buy a home because the state encourages foreign immigration and discourages new home building.

    This has also caused rents to skyrocket. Families overcrowd apartments while a single guy making $15 an hour can’t even afford an old studio apartment. As a result, many live in cars or end up on the street. Watch this short video of a guy driving around downtown Los Angeles. You never see this on television and the news rarely covers this disaster, even though anyone who drives around town sees this depressing situation. No sane person living in Los Angeles for the past three decades thinks mass immigration has helped that city. Removing at least a million illegal aliens from Los Angeles would be of great help to the poor, but corporate America likes desperate workers, high rents, and low wages so lawmakers oppose this practical idea.

    There is a simple step the state government can take to lower home prices. Limit single family home ownership to individuals who are US citizens or resident aliens, and no more than four homes per person. No more corporations owning hundreds of homes or foreigners buying several as investments. This could be phased in to prevent market turmoil. It would apply only to new purchases, while properties currently owned by these distant landlords must be sold 20 years after they were purchased.

    This would be supported by 90% of Californians. American homes for American workers is a simple idea only opposed by the greedy, but they control the media and the state legislature so this simple solution will be ignored. If proposed by grass root organizations, it will be dismissed as a racist, xenophobic idea to ensure millions of spineless “progressives” and “liberals” denounce it.

    • Agree: Thomasina, TheTrumanShow
  16. Anyone who is serious about BLM should tell blacks, “Stop killing one another”, but that is the least heard message among supporters of BLM.

    It’s like a Dietician who says fat people have a right to lose weight but never tells the fatsos to eat less.

  17. MarkinLA says:

    It’s discussed like immigration just is and always has been, rather than a scheme set up (or at least accelerated) by the Boomers who were the primary beneficiaries. It didn’t have to be this way.

    The essence of conservatism is not to make big changes unless the vast majority understand and believe in them. That is why an amendment to the Constitution requires 3/4 of the states to ratify. Why, because bad governmental policy is almost never reversed no matter how useless as long as some powerful minority benefits. Once “the greatest generation” opened the flood gates, it was only a matter of time before it became a big problem. Now the millennials are thoroughly brainwashed that immigration is always good- especially it it involve non-whites.

  18. @Vinnie O

    don’t need to read ANYTHING else you write

    iPhone has this sabotaging new feature when sliding-to-type that ‘corrects’ the word prior to the one you just typed, based on what it figures you meant to say. So you can slide-type a word, see that it’s correct, go on, then it gets changed while you’re looking at the next word. Supremely aggravating.

    My point: what years ago might have been solid evidence that someone doesn’t read much (i.e. is typing phonetically from only hearing canned phrases) can now be a gizmo making him look like a mental patient, if inadequate proofreading.

    • Replies: @Alden
    , @anon
  19. nsa says:

    You have to be a real fuckup not to own a house. Why pay rent to some creep, making his payment for him? 15 year mortgage rates are 2.8%, and 30 year mortgages are 3.2%. So a $1600/month mortgage payment handles a $500k to $600k property. Rent on a crappy apartment is at least $1600. Bad credit…..save up a large enough down payment and the lender doesn’t care. Crap low paying job…..get into a union apprentice program. Union electricans knock down $100k/year. If you are incompetent, get a government job. A $800/month mortgage payment handles a $275k property. Very livable properties are available for $275k outside of the wretched disgusting urban / suburban cesspools. If you have a real job (not a “gig”), you can afford $800/month. So you millennials need to stop whining….everyone is sick of it. Get a job, buy a house, marry a woman who in a couple years will hate you i.e. join the rat race like every other generation.

  20. GMC says:

    Actually, that decades old plan of building up America, then looting it, then build it up again , in order to loot it again — until it’s destroyed – is Here. And those responsible , are dancing in the streets , and on a ranch in Texas – among others in the alphabet agencies. Many a good men and women have warned of this , but the Cabal has been in place to smother them. And the people of the USA ? Good question.

  21. May I proffer a modest serving of optimism? In 1960 the transformations of most countries (though unfortunately not Africa in a good way) by technology over the following 50 years would have been inconceivable. (Even in 1970 it would have been only a few Jules Vernes who imagined much of it).
    One of the innovations we are promised is driverless cars. Could they not refresh the charms of the exurbs from which children could travel to good schools without a parent (after doing their first hour’s schoolwork online from home to manage traffic)?.. Those employed miles away could work in the small selfdriving vehicle on the way to and from the office or the commuter train station. Working from home with big high definition screens and high quality sound will also be attractive and it’s cause advanced by recent experience. Will all this not make a substantial contribution to making millenials happy?

    • Replies: @Alden
    , @anon
  22. Although Striker’s heart is in the right place he is a textbook example of what the real problem is: ECONOMIC IGNORANCE.
    THE MINOR PROBLEM: There is one cause for the entire economic crisis, especially the housing crisis, and that is INFLATION. Not the consumer price index or the personal consumption expenditure or other stupid little gimmicks of Keynesian economics which do not measure inflation at all, but measure PRICES OF A BASKET OF SPECIFIC THINGS and that is not inflation. In fact, the prices of the things measured in those “inflation” measuring indices should go down because those things like electronics, food, clothing etc. would naturally fall as technology raises the productivity of labor. And in those thoroughly deceptive indices the price of housing doesn’t count and they use owner occupied rent or something stupid, which is under weighted anyway. It’s just a dumb little gimmick.

    [MORE]

    Inflation correctly understood, and as it was understood throughout the Enlightenment (and even the Middle Ages, Copernicus wrote an essay on inflation) for example, is an increase in the quantity of money causing a fall in the value of money and correctly understood, it’s basically a form of tax, just a little deceptive because it taxes the VALUE of people’s money, their wages and their savings. Many people today spend half or more of their wages just to pay rent, and have no chance of buying a family home.
    When I was a boy in New Zealand in 1972 my dad bought a house for $27,000. Today that place is worth about $4 million. So it’s gone up roughly 150 fold. Wages have not gone up nearly that much. So where did all the money come from to drive the price of the house up an extra $3,973,000? Is this rocket science everybody? Do you think that the money was sitting in people’s bank accounts or hidden in their mattresses and they suddenly decided to commence a bidding war and pull out all their money and drive up the price of all housing, all over the developed world, 150 times? You know the answer. THE MONEY WAS CREATED… by banks, under the government’s central bank controlled fractional reserve banking system. The banks keep creating money out of nothing, they are immune from the criminal law so they don’t get charged with counterfeiting and the never-ending flood of new money goes primarily into assets, like housing. This changes the PRICE RELATION between housing and other products-the kind that dominate the “inflation” measuring indices like the CPI or PCE etc.
    THE MONETARY INFLATION HAS TRANSFERRED THE VALUE OF MILLENNIAL’S WAGES AND SAVINGS INTO THE VALUE OF BOOMER’S REAL ESTATE. GOT IT?
    SPECIFIC EXAMPLE: in 1979 I rented a house, $50 per week, 3 bedrooms. We each paid $16.33 a week. My take-home pay as an unskilled laborer was $100. There is no way you can rent a 3 bedroom house today for 50% of the price of an unskilled laborer’s weekly wage. Not even close. As the new money was created out of thin air, a disproportionate amount went into assets and not goods and services, and wages. Yet supposedly, the productivity of labor has gone up over the last 40 or 50 years. Go figure.
    So as the new money is created it’s 2 for me and 1 for you and 2 for me and 1 for you and…. Got it!? Is this rocket science? Which part of this do the lefties not understand and we can go over it again.
    And this also explains the massive debt problem and the no interest rates solution implemented by the central banks today. So much money has been “loaned” into existence that the level of debt, the goods and services that mortgage holders and renters have to pay in real terms, to pay off these insane “create the money as you make the loan” loans, that if people were to get a fair, free market return of interest on their savings, the entire charade would collapse because the debts are just too high. And the solution? Create still more money out of thin air thereby exerting downward pressure on interest rates, by creating the illusion that there is a lot of savings, thereby encouraging banks to lend even more, and encouraging borrowers to borrow even more. It’s totally sick and it’s definitely evil. And the price of houses just keeps on going up and up i.e. the value of money keeps on going down and down.
    Your average millennial today will never own their own property (or if they do they will have to “borrow” an obscene amount of money to do it) and will spend their whole life working to pay off a “loan” from a bank, which “loan” is someone else’s (someone who already owned property and had collateral) mortgage from the bank.
    Step 1: property owner, Boomer who bought her house 40 years ago at an affordable price, or public servant with a guaranteed income and a home for example, goes to bank and says “I would like to buy an investment property”.
    Step 2: Bank says fine, we can (create money out of thin air and) give you a loan, at a very low interest rate.
    SO PEOPLE BUY HOUSES WITH MONEY THEY DON’T HAVE, BY BORROWING MONEY THAT NOBODY SAVED.
    Step 3: Young struggling millennial then spends her entire life paying rent to pay off the “loan” for the benefit of the bank and the investor. BUT NONE DARE CALL IT SLAVERY.
    And all left-wing economists and university economics courses etc. seem to be oblivious to what is in actual fact good old-fashioned inflation, increasing the quantity of money.
    THE MAJOR PROBLEM-MIND CONTROL
    Mysteriously, not the public education school system, not the university economics courses and definitely not the mainstream media will breathe a word about this INFLATION, of the quantity of money and so nobody gets to talk about it. Mysteriously, yes, Striker is getting warm here, the “news” is dominated by identity politics, fomenting racial hatred, battle of the sexes, trannies’ rights, whatever, not to mention baseless conspiracy theories like Putin/Trump election collusion and the need for a war with Russia about…? Or should you be worried about Carbon dioxide control knob theory of climate change (are you a “climate change denier” who doesn’t realize that the climate has been changing for the last 3 billion years but enjoys a good slogan anyway?), a killer virus, (which has an infection fatality rate of about 0.4% and much less than that if you are a millennial), and now the need to “fight racism” by running out and smashing, burning and looting decent people’s small businesses … as a solution to police brutality.
    But it seems to be too much to ask for simple discussion about the fact that 40 or 50 years ago you could buy a reasonable family home, well in my town it was about $12,000 for an average place, which will now cost you about $600,000, and no, wages have not kept up with that inflation. Not even close. Not a single discussion or story about the elephant in the room: FRACTIONAL RESERVE BANKING. Create the money as you make the loan, and GOVERNMENT are the fools who gave them that power.
    When Nixon got rid of the gold standard in 1971 by abolishing the Bretton Woods agreement, it was not understood that what the politicians were basically doing was subcontracting the entire management of the economy out to central planners in the form of a cabal of privately owned banks coordinated by a government central bank, who practice fractional reserve banking. And what did they do? Why they just got down to business and created as much money as they possibly could. And since the central bank can firehose unlimited quantities of money into the system to save them again and again, their business model has been great for the banks, and asset owners.
    It’s a totally government created system, leaf, root and branch.
    Now do you understand what gold is?

  23. The article

    Housing and immigration, one single issue. That is a minimal context. Generational wealth gaps are signs of the systemics timeline. The millennial generation is out of the race. The dynamics of the phenomenon of gaps are more important then the gaps themselves. Static data mean nothing, the systemics are tuned dynamically. A wild example: simply deflating the stock markets would make the middle classes wealthier, house prices would go down, when the overhead of speculative finance is taken of the stack. As one commenter said, the middle-classes are toast. Certainly wrong conclusions as to suggesting again and over once more, endlessly, that voting has any meaning. Not voting, would be the single statistic worth quantifying. …

  24. @Homeschooling Mom in NY

    “It’s discussed like immigration just is and always has been, rather than a scheme set up (or at least accelerated) by the Boomers who were the primary beneficiaries. ”

    Couldn’t disagree with you more. Mass third-world immigration was set up and pushed in the 1960s by Jewish radical interests and has been used primarily by them ever since to undermine, destabilize, and ultimately destroy younger generations of the US middle class. Boomers, per se, had absolutely nothing to do with it.

    • Agree: Curmudgeon
  25. @Rahan

    Best 700 words of the last few weeks. Amazing analogy. Very broad and wide con-texted(space and time) analysis. More of this! Thanks.

  26. @jack daniels

    Do those plutocrats learn Ebonics? Do they for instance try

    “Ebonics Lesson for White People [Kult America]” on YouTube

    If not how do they develop the trust needed to “totally control the black movement”? As they are plutocrats of course they know how to make money talk, but how much and to whom?

  27. Anonymous[325] • Disclaimer says:

    Nothing on the real biological differences? Human biodiversity as its sometimes called. Or just plain old racial IQ.

    When it is very hard to generate wealth those IQ differences will mutiply the differences, not eliminate them. So expect ever more brutal class differences between the races. And should extensive social democracy with income transfers be introduced it will do even less to class differences. Income for sure, but class will show even clearer. As when two people have exactly the same wage income but one has no wealth and the other has all kinds of passive income and property. All thanks to iq.
    And thus widely different spending habits. With the dumb being exemplified by excessive useless spending as a sign of poverty.

    • Agree: FLgeezer
  28. Sean says:

    Any palatable politics of the American future will have to take this kind of culture-wars transcending, essentialist thinking into account.

    Informative article that loses focus at the end by use of the world “essentialist”, which makes it completely unclear what that key (penultimate) sentence is getting at.

  29. @Rahan

    “The places which used to profit from being around the hungry maw and feed off the debris it sucked in, are now also “the periphery”, and thus also now food.

    Now everyone gets to be injected with digestive fluid, broken up into manageable chunks, and sucked dry.”
    Great comment !

  30. Few would argue that racial prejudice isn’t a driver of inequality in many areas of American life,

    That’s interesting and I think more people should have the courage to make that exact argument. Because I have never heard a convincing argument that racial prejudice is a driver of inequality in many areas of American life. Unless you mean anti-gentile racial prejuduce. But no one EVER makes that argument when they’re talking about racial prejudice, because apparently only white people are capable of racial prejudice. Everyone else is a victim you see. So when blacks play the knock out game, or hispanics say gringo, or jews mass-murder palestinians while using some racist talmud passage to justify it, for some reason none of this is racial prejudice. But heaven forbid a cereal box with a monkey mascot on it or a baseball team named after indians.

    Whites are being bullied hard right now. And the bullying will not stop after you get on your knees. Cucking is disgraceful and buys you nothing except a backline place at the slaughterhouse.

    • Agree: CBTerry, Father Coughlin
    • Replies: @schnellandine
    , @Curle
  31. @Carlton Meyer

    “Limit single family home ownership to individuals who are US citizens or resident aliens, and no more than four homes per person. No more corporations owning hundreds of homes or foreigners buying several as investments. This could be phased in to prevent market turmoil. It would apply only to new purchases, while properties currently owned by these distant landlords must be sold 20 years after they were purchased.” [my emphasis]
    Excellent idea — which means it has no chance. My only quibble: I would apply it to existing housing, not just new housing.

  32. gotmituns says:

    I’m older than a boomer. The poor young people have been sold a bill of goods every which way from Sunday. Virtually everything they’ve ever been told/taut is either wrong or an outright lie. Here they are trying to go though life with the concept of 2+2 equaling any figure but four. And look what’s happened to them. You can see the stupidity exuding off them as they walk down the street. And to make matters worse, as if anything could be worse, they’re proud of themselves. Not to mention the small point that so many of them are “higher learning” debt slaves and will be for the rest of their lives.

    • Agree: VinnyVette
  33. @Homeschooling Mom in NY

    I would make civil service exam compulsory for candidates in an election. There would be no threshold but the score would be disclosed to voters.

  34. I just heard on the NPR (national public radio) that Mike Bloomberg, the billionaire ex-mayor of New York city, is going to throw open his Upper East side mansion in Manhattan to young black women on welfare with their young litter … he was overheard saying something about them electing him three times, so that was the least he could do for them hos.

    • Replies: @Alden
  35. sally says:
    @Brian Reilly

    over and done with because? why ?

    Everything that has valuable has been by law<= turned into a monopoly (private property, copyright, patents, bids on government contracts, privatization contracts, where in government gives control of the asset to a management group that increases the prices charged for the same services the government used to charge for delivering the same services to the same victims of the service (electric power, water, sewer, garbage, and Internet access) and only those with access to big bucks are able to be monopoly property owners. the 1% or so, everyone else must either work for them or starve to death. The middle class have always worked for the 1%.

    I submit the global problem which has caused so much turmoil in the world is to be found in the unfairness of the private property laws (copyright, patents, franchises, real estate deeds and the like). The laws that create these monopolies are state franchises which are created from thin air and they are the only common denominator to the worldwide environment.

    Take away the ability for a corporation to own patents(longer than 1 year), copyright(longer than 6 months) and private property (longer than a year) and deny any private person, who owns these things any way or right to transfer them to heirs, by sale or lease, or to anyone else, and presto most of the rich vs poor issues disappear. All of sudden, the entire corporate oligarchy will collapse and everyone will be on an equal footing, and in that environment ability not wealth will prevail.

    • Replies: @Usura
    , @Jim Bob Lassiter
    , @Poco
  36. Anonymous[194] • Disclaimer says:

    I had to stop reading. A man’s desire to protect his neighborhood and investment isn’t some asinine acronym. The unspoken premise of leftist arguments is that blacks ruin every place they move to.

    In one New England college town, the patronizing homeowner program subsidizes home purchases for, among others, black janitorial staff who work at the university 20 hours or more a week. Participants have to attend an evening program familiarizing new homebuyers with what owning a home entails. The blacks simply do not understand that a house doesn’t take care of itself in the way welfare or ignoring black incompetence on the job covers their material needs. Try telling a perpetually disaffected black woman that the house falling down around her head isn’t the result of “systemic racism” or a plot against her motivated by “white privilege.”

    However, in areas outside communist run university strongholds where blacks work at real jobs alongside whites, they live alongside whites as neighbors and share the same community interests and desire to keep up their property. Such normalcy for blacks the Democratic political machines will never allow.

    So, when will blacks with half a brain wake up and realize that the one area where they were outperforming whites before the Dems’ War on Poverty reversed every gain they’d made, was in family farming. It was the Democrats and only the Democrats who thereupon enacted laws driving blacks off their own land. Commentators at the time noted that in the South is was the black farmers who were maintaining the Southern agrarian tradition.

    In short, the only people who resent black success are the communists like Pelosi and Kaine who fear success will awaken blacks from perpetual enslavement to wokeness. We can’t have that since the white bureaucrats who administer welfare keep for themselves 70 cents out of every dollar supposedly allocated to uplift the lives of inner-city blacks. Moreover, the after-tax net income of bureaucrats—paid 70% more than they’d get paid based on comparable salary determinants in the private sector—means these blood-sucking parasites living in places like Bethesda have a de facto federal income tax rate of zero.

    • Replies: @Corrupt
  37. Axel says:
    @Rahan

    Flashes of gnostic thought

  38. MarkinLA says:
    @nsa

    Well, why should they buy some house way out in the suburbs and have to commute every day? They deserve a house at the beach or a loft in the downtown arts district. Why should they have to drive into town for a night out? Shouldn’t they just be able to walk from their loft to the nightlife district when on a pub crawl? They are special and deserve a special life and pigs like you want them to be deprived. Shame on you.

  39. njguy73 says:
    @nsa

    In what state or states are you talking about?

    Oh, and are you accounting for property taxes, maintenance, HOA fees, condo association fees, etc?

    • Replies: @nsa
  40. Anonymous[393] • Disclaimer says:
    @nsa

    What a miserable life.

  41. MarkinLA says:
    @Giraffehead

    When I started as a programmer in 1978, I made 15K a year. When I quit 35 years later, I was making 130K. The potential was always there to buy a house after 4 years or so. The problem was I didn’t know about location, location, location and bought in a less than prime area and watched as prices in those prime areas rose faster than my salary. However, I still could have moved into the more exclusive areas IF I was willing to relive the first 5 years when I bought my house – no money for anything but the mortgage and the car and a few drinks out. Since I wasn’t married and didn’t have kids so the school district would be important, I just stayed put and paid the place off in 10 years.

    It’s has a lot to do with how much you are willing to sacrifice.

    Inflation works both ways.

    • Replies: @Thomasina
  42. @Thomasina

    “handing out money right, left and center to their private equity/hedge fund buddies who take this cheap money, lever up, and buy assets”

    A process developed and perfected by Jewish takeover artists in the eighties. Started on private corporations and now unleashed upon every thing for sale in the entire U.S. economy. Soon all public lands will be sold off to pay off the unsustainable debt load of the Federal Govt while those who buy those assets will do so with borrowed money the interest on which is tax deductible and the payments on which will come from the revenue stream generated by charging the general public “user fees”.

  43. nsa says:
    @njguy73

    “In what state or states are you talking about?”
    Rule 1) you live in NJ, asshole of the continent. What is the matter with you? Why live there?Move…..preferably west of the Mississippi River. West of the continental divide would be even better for you.
    Rule 2) you see an african, even just one, do NOT buy there. Or if you already bought there, sell and move. That neighborhood will eventually turn into a cesspool of violence and crime with property values cratering. If you have kids, sending them to a mixed race school almost guarantees failure. You love your kids? Do the right thing and move.
    You call this racism? I call it common sense self-preservation. America is now a degenerate mixed race cesspool, with only pockets of livable areas left. Think about it.

  44. Agent76 says:

    Mar 10, 2017 Walter E Williams – On Race

    From a CSPAN interview, Professor Williams shares his insights on discrimination, slavery and other racial issues.

    • Thanks: Thomasina
  45. MAGA poisons nothing! It is correct, and gutting of real jobs in the U.S. should have been stomped out from the very beginning. End of story!

  46. @nsa

    TL;DR:

    You have to be a real fuckup not to join the rat race like every other generation.

  47. @Wood Stove

    the knock out game

    That it’s called a game by nearly everyone is a stark example of racial inequality.

    From the start, I found the term revolting, and do not call the underlying practice anything but what it is.

  48. Although Good article even suggesting some solution it is very narrow and one sided.
    The problems now are so complex and so many factor are involved that it is almost impossible to come up with a solution. In my opinion it would require genius to solve it or even at lest point it to critical path.
    But at lest it is a start.

  49. ruralguy says:

    I’m in the boomer generation and I’ve done very well financially. My work friends and I foresaw and discussed alarming changes taking place in America, thirty years ago. In our very professional work environment were single highly-educated women who were not marrying. It turns out, most never did marry. Meanwhile, the poorer women outside of our work world, were producing millions of kids. In 1965 the Government passed an Immigration and Naturalization Act that has since flooded America with 160 million immigrants and their US-born children, mostly from failed third-world countries. The county was encumbered with not just the poor black underclass, but a massively foreign and poor underclass. In the schools that I attended, when young, were the best in the state. Now, with mostly 3rd world children, they are the worst in the state. Everywhere that I go, I see disorder. That is the reason we boomers are rich and the younger generations are not –the newer generations mostly consists of underclass children. The richer, smarter, and better educated women had fewer children. You can steal the wealth we boomer’s earned, but its not going to correct the fundamental problem.

    • Agree: Corrupt
    • Replies: @Reg Cæsar
    , @VinnyVette
  50. @Giraffehead

    There is much truth in what you say and I feel very uneasy about our new world of very low interest rates but fractional reserve banking has been around forever and recent developments require one to consider whether giving up the remnant of the gold standard by Nixon mattered at all in the long run.

    By recent developments I mean Quantitative Easing and Modern Monetary Theory. There was in fact nothing to prevent them growing out of the gold standard era. It all depended and depends on believing that the currency is worthy of credit whether the currency is a 17th century banker’s negotiable instrument or a $US deposit in a modern bank.

    • Replies: @Giraffehead
  51. six times less wide

    This construction just screams “innumeracy”. If “boomers” are guilty of anything, it is failing to teach those younger than them to think, or write, clearly. The evidence is everywhere.

  52. @ruralguy

    In 1965 the Government passed an Immigration and Naturalization Act

    Do the arithmetic. In 1964, the youngest people to vote in 46 states were born in 1943. (It was 1944 in Hawaii, 1945 in Alaska, and 1946 in Georgia and Kentucky.)

    It took a while for the effects to show up. In fact, the “family reunification” provision was added to give a boost to Europeans, who already had relatives here. It took a decade or two for the advantage to shift to non-Europeans.

    However, poorer immigrants from anywhere hurt the job market for young Americans. “Boomers” had enough competition from each other, and now had to face a horde of young foreigners. It was amazing that they were able to build any net wealth at all!

    • Replies: @Franz
  53. Spangel says:

    This is one of the best articles I have read on unz.

    What we have now is not working. From a financial perspective, nearly everyone knows that young people are saddled with tremendous student loans which makes family formation difficult and delayed.

    And there are also social obstacles. It used to be that people met mates through church and family. Somehow the sense that the community was watching their courtship develop strongly propelled them to committing to long term partnership. There might also have been some sense of scarcity mentality that made people value the partners they had.

    Now people try online dating, and while it does lead to lasting partnerships and family formation for some, it doesn’t for most who try it. It leaves them lonely and confused. And now we have these permanently single adults who either keep trying and failing at forming relationships or forgo trying at all. There are men who retreat into porn and video games and women who retreat into SJW bitterness.

    Young people need both a financial pathway to supporting a family a well as a cultural pathway to finding a mate. At least there is some discussion about what to do about the former. There is almost no realistic solution proposed for the latter.

    • Replies: @TorontoMans
  54. The Supreme Court just made it worst with their ruling on gender. No American is worth hiring for all the pitfalls liberalism keeps littering with. H1 visas and illegals will be the way forward. Kiddies don’t bother with college. You aren’t getting hired unless you are some sort of token hire. It wasn’t this way for us boomers. For the record we couldn’t vote when Affirmative Action started all this.

  55. Corrupt says:

    “The only group that really benefits from the housing scarcity are older, established , empty-nester, homeowners, who, in the case of California, are disproportionately liberal. Their home values continue to soar, with the added benefit of cheap labor from illegal immigrants, and not having to worry about the quality of local schools. ”

    Why blame it on older people. Put the blame where it belongs: High taxes, an overbearing government with over the top environmental/green regulation, and greedy public service unions, who don’t actually care about those they’re supposed to be serving. All of the above problems are caused by the progressive state government that the millennials especially seem to want.

  56. Alden says:
    @schnellandine

    Right you are. iPhones type ahead of you and constantly correct I seem to spend as much time correcting the auto correct as I do typing.

    • Replies: @Wizard of Oz
  57. Corrupt says:
    @Anonymous

    “However, in areas outside communist run university strongholds where blacks work at real jobs alongside whites, they live alongside whites as neighbors and share the same community interests and desire to keep up their property.”

    Having worked in technology I came across several blacks who were what could be considered middle to upper middle class. I found that at least half of them still had no clue how to manage their personal finances. In an extreme case, a man that was making well over $100K ($150-225K) for at least 10 years was still unable to bridge a one month gap in pay. Until personal finance management is treated as a serious subject in high school (for children of ANY color, but especially for black children whose parents may not have actually worked for a living), millennials are doomed to a low income life.

    • Agree: FLgeezer
  58. Miro23 says:

    Back in January, Tucker Carlson predicted that “the candidate who makes it easier for 30-year olds to get married and have kids will win the election and will deserve to win.”

    In 2014 Andy Grove (ex CEO of Intel) wrote his article “How The US Can Create Jobs” focusing on the US technology employment/outsourcing disaster.

    It’s behind a Bloomberg pay wall, but it shows the enormous damage to US skilled employment in outsourcing advanced manufacturing to Asia – and not just in electronics. The US not only loses current employment but also a host of opportunities for future innovation. IOW leading edge manufacturing should NEVER be outsourced.

    For example, his 10X Factor:

    The 10X Factor

    Today (2014), manufacturing employment in the U.S. computer industry is about 166,000, lower than it was before the first PC, the MITS Altair 2800, was assembled in 1975 (figure-B). Meanwhile, a very effective computer manufacturing industry has emerged in Asia, employing about 1.5 million workers—factory employees, engineers, and managers. The largest of these companies is Hon Hai Precision Industry, also known as Foxconn. The company has grown at an astounding rate, first in Taiwan and later in China. Its revenues last year were $62 billion, larger than Apple (AAPL), Microsoft (MSFT), Dell (DELL), or Intel. Foxconn employs over 800,000 people, more than the combined worldwide head count of Apple, Dell, Microsoft, Hewlett-Packard (HPQ), Intel, and Sony (SNE) (figure-C).

    [MORE]

    Until a recent spate of suicides at Foxconn’s giant factory complex in Shenzhen, China, few Americans had heard of the company. But most know the products it makes: computers for Dell and HP, Nokia (NOK) cell phones, Microsoft Xbox 360 consoles, Intel motherboards, and countless other familiar gadgets. Some 250,000 Foxconn employees in southern China produce Apple’s products. Apple, meanwhile, has about 25,000 employees in the U.S. That means for every Apple worker in the U.S. there are 10 people in China working on iMacs, iPods, and iPhones. The same roughly 10-to-1 relationship holds for Dell, disk-drive maker Seagate Technology (STX), and other U.S. tech companies.

    You could say, as many do, that shipping jobs overseas is no big deal because the high-value work—and much of the profits—remain in the U.S. That may well be so. But what kind of a society are we going to have if it consists of highly paid people doing high-value-added work—and masses of unemployed?

    Since the early days of Silicon Valley, the money invested in companies has increased dramatically, only to produce fewer jobs. Simply put, the U.S. has become wildly inefficient at creating American tech jobs. We may be less aware of this growing inefficiency, however, because our history of creating jobs over the past few decades has been spectacular—masking our greater and greater spending to create each position. Should we wait and not act on the basis of early indicators? I think that would be a tragic mistake, because the only chance we have to reverse the deterioration is if we act early and decisively.

    Already the decline has been marked. It may be measured by way of a simple calculation—an estimate of the employment cost-effectiveness of a company. First, take the initial investment plus the investment during a company’s IPO. Then divide that by the number of employees working in that company 10 years later. For Intel this worked out to be about $650 per job—$3,600 adjusted for inflation. National Semiconductor (NSM), another chip company, was even more efficient at $2,000 per job. Making the same calculations for a number of Silicon Valley companies shows that the cost of creating U.S. jobs grew from a few thousand dollars per position in the early years to a hundred thousand dollars today (figure-A). The obvious reason: Companies simply hire fewer employees as more work is done by outside contractors, usually in Asia.

    • Thanks: ruralguy
    • Replies: @Undocumented Shopper
  59. Alden says:
    @Wizard of Oz

    Many high schools require the kids to do all homework on their laptops or phones. So they can get some of the work done in bus or subway, waiting to be picked up etc. This greatly relieves the homework burden at home.

  60. Alden says:
    @Really No Shit

    Should work out. Until the kids turn 10. Then, there goes the neighborhood.

    • Replies: @Really No Shit
  61. Art says:

    America’s current generations are losing ten years of their lives. The ages 20 to 30 are a waste – those years are taken up with drugs, music, sex, and video games. The serious things in life – love, marriage, and money-making skills are put off till their 30’s. There are many reasons for this – but mainly the liberal education system. The average 20-year-old American is unprepared for serious life.

    • Replies: @TorontoMans
  62. Sparkon says:

    The racial wealth gap for the 18-34 range of American adults is approximately six times less wide than it is for Americans 75 and up, according to the 2016 Survey of Consumer Finances. No one in the millennial age range has much wealth, in other words, while white boomers remain the wealthiest people in America by leaps and bounds

    The oldest Baby Boomers are turning 74 in 2020.

    “Americans 75 and up” in 2016 are not, and were not, Baby Boomers.

    As one of the oldest Boomers. I may not be wealthy, but at least I’m numerate.

  63. anon[191] • Disclaimer says:
    @schnellandine

    Criticizing people who make a couple of spelling mistakes but write sound commentaries is the mark of someone who’s insecure and tries to bolster their insecurity through the use of useless criticism.

    • Replies: @schnellandine
    , @Sparkon
  64. Gast says:

    Yes, there is a inter-generational wealth gap, and it would be great, if the system would show young people a way to gain the materialistic means to form prospering families.

    But the author fails to mention that jews have the power in America (and the rest of the Western world, here in Germany the problems are the same). And jews simply have no interest that young White people form families and have offspring. They have an obsession to “abolish the White race”, as some jew has called it long ago. And they are very successful, it must be said.

    Additionally to the inter-generational wealth gap, there is the massive cultural problem of “feminism” that stands in the way for young white human beings to fulfill the basic and essential achievement of every life form – to have offspring. The problem of a systematic cultural alienation of box sexes should not be ignored, but the author chooses to do it. And of course the jews are behind this toxic ideology of “feminism”.

    And one could add to the list the toxic mass culture, brought to you by the jews as well, of course, that seems to produce a widespread nihilism, which is not supportive for the formation of young families.

    Another problem is of course, that the racial enemies are now inside the gates and violent racial tensions are inevitable, which are not conductive to a belief in a future, that is necessary to form families.

    All these problems lead to a civilization in an accelerating death spiral.

    Even if the boomers would be taxed to death now, and the wealth gap would be closed, the other problems would remain.

    All political thought is such a futile exercise, if one fails to mention the elephant in the room: Jews. But very many authors here at “Unz Review” seem to specialize in this futility…

    • Replies: @FLgeezer
    , @VinnyVette
  65. anon[191] • Disclaimer says:
    @Wizard of Oz

    The idea of driverless cars and other such wonders will be achieved soon not in the United States (where half the population can barely figure out how to tie their own shoelaces) but in China where there are only high IQ Chinese and a few small minorities. The USA is inhabited by termites at the top (Jews and Brahman Indians) and termites at the bottom (Blacks and Mexicans) eating away at the structure that is the United States and we are starting to see it falling apart before our very eyes.

  66. R2b says:
    @nsa

    You have a good point. Realistic. In some way. Cause there are som real incompetent turds in privatesector. But then again, you have a point, cause you should work for an honest living. Whatever you meet and think you can do, do it with pleasure and commitment, as long as they dont fool you, of course. Anyway, then you cast a somewhat dark prognosis. Misogyny can be understanable, but you know, you also have to choose, and not just rush into it. Whatever you think or believe, marriage was a sacrament, an perhaps still is, in the Catholic Church. Think about that nationalsecurityagency.

  67. @anon

    the mark of someone who’s insecure and tries to bolster their insecurity

    I think that’s often the case. Not always. Slight deviations in speech/writing, and inordinate conventionality, can tell much, and I’m fascinated by the subject.

    [MORE]

    If someone, for example, writes, “He must of left already”, that’s likely someone who reads little, or reads mostly millennial/zoomer content. Likely not blessed intellectually, but perhaps super-intelligent and merely focused on bigger fish.

    I like studying deviations which split observers. For example, my practice of placing unquoted punctuation outside of quotation marks (as above) strikes many ‘educated’ people as ignorant. I consider it superior and accurate.

    Funny that even people who understand language evolution and support it are so often opposed to most evolution past the presumed locked state they learned and practiced—opposed sometimes with religious fervor.

    • Replies: @Wizard of Oz
  68. Ole says:

    As others have mentioned, the issue is multi-faceted, and cannot be accurately simplified.

    People today, particularly young people, have nothing to live for. The family has been dissolved, leaving the self as the only remnant of existence; social media is a form of intravenous narcissistic supply; consumerism promulgates hedonism, denigrating any sort of spiritual development; morality is seen an abstract concept associated with the religious shibboleths of yesteryear.

    What does the young person have left?

    Nothing but endlessly deranging narcissism.

    • Replies: @anon8383892
  69. Usura says:
    @sally

    Take away the ability for a corporation to own patents(longer than 1 year), copyright(longer than 6 months) and private property (longer than a year) and deny any private person, who owns these things any way or right to transfer them to heirs, by sale or lease, or to anyone else, and presto most of the rich vs poor issues disappear.

    Under such a policy, a substantial source of incentive to conserve capital and renewal resources would also disappear. You may not be motivated by passing things on to your family, but most people are. Attempts to arrest reasonable common law around private property and inheritance would be and has been a tragedy when implemented. Either it will be worked around, or if effective it will increase capital consumption and dis-incentivize private savings. When there is no status, no avenue of personal enrichment, and no ability to pass on accumulated wealth through one’s work, anywhere, the chance of corruption, as a means of subverting this status quo, is increased ubiquitously, including in the government offices tasked with administering the enforcement of this insane, anti-natural, anti-human fetish for punitive egalitarianism.

    Everything that has valuable has been by law<= turned into a monopoly (private property, copyright, patents, bids on government contracts, privatization contracts,

    These aren’t all the same thing; patent law is certainly more contentious than the idea that you or I be able to own our little house or plot somewhere and keep it tidy. The same can be said for the unfortunate corruption associated with big government contracts, or copyright. You gloss over distinctions here and appear to imply all these things are equally bad. Are being able to own my own lawn mower and pharmaceutical-industry corruption equally bad? Do you really believe in the abolition of private property, or do you believe in the homestead?

    where in government gives control of the asset to a management group that increases the prices charged for the same services the government used to charge for delivering the same services to the same victims of the service (electric power, water, sewer, garbage, and Internet access) and only those with access to big bucks are able to be monopoly property owners. the 1% or so, everyone else must either work for them or starve to death. The middle class have always worked for the 1%.

    Has your internet access really gotten more expensive in the last thirty years? Overall, the equipment to do it, the monthly rate, the data rate per minute, etc., if factored in, indicate that private industry has increased its value with respect to its cost to consumers over time. Government may have invented the internet, but the propagation of the internet would never have occurred if it had not been released to private tinkerers. Some ancient Mesopotamian king may have first come up with sewers, but likely didn’t dig them; do we really envision that an instrument so serious and dangerous as government should be demeaned by administering garbage collection? Not to mention the privately generated scientific advances in those services. Your model offends aesthetics, at the very least.

    You complain about “monopoly”, but would grant human vindictiveness monopoly over all human activity with your blank prohibition of private-property. Capitalist countries have the opposite problem to starvation; it may be regrettable that there exist large, unethical monopolies, and it may be regrettable that in some places one cannot make a living but by working for them, but to characterize all business or private industry like unavoidable slavery is not accurate.

  70. Richard B says:
    @Brian Reilly

    Few would argue that racial prejudice isn’t a driver of inequality in many areas of American life

    This is a statement requiring specifics. But none are given.

    It’s never proven, simply asserted.

    Like so much of what we hear today.

    Public discourse consists almost entirely of vague abstractions, glittering generalities and absurd absolutes. And all masquerading as the ultimate truth.

    The only way out of this is to ask the question,

    What is there in the world that the word Racism* directs us to locate?

    But the question is never asked.

    The result?

    People literally do not know what they are talking about.

    The only reasonable response would be for people to either substatiate their claims, or stop talking.

    But, of course, most are not going to choose either option.

    And this unpleasant fact has a lot more to do with the failure of our social-institutions than all of the vague abstractions, glittering generalities, and absurd aboslutes put together.

    *One could fill in the blank with any of the other handy capitalized words, ie; Sexism, Antisemitism, Homophobia, White Supremacy, White Privilege, etc. etc.

    • Agree: Father Coughlin
  71. Darth Ben says:
    @Vinnie O

    Me wish world had purrfect Grammer to

  72. Curle says:
    @Wood Stove

    Racial prejudice against groups is an reaction to observable group tendencies combined with an unwillingness to take unnecessary risks in instances where less risky options are available.

    Since the likelihood an out group member will betray a trust seems higher there’s little incentive to hire out group members except in labor shortages, skill differences, to meet legal or market needs/requirements or to make a beneficial trade with an out group possessing something you want. This latter incentive assumes the outgroup has something worth trading. If the group possesses only deficiencies and nothing worth trading, it is likely the outgroup members will find it harder to obtain whatever it is they hope to acquire. If such an outcome can be characterized as inequities, so be it.

    • Agree: Corrupt
  73. @brabantian

    Karl Marx himself was opposed to manipulated migration, which he denounced as an oligarch tool against workers

    As did every other of his now forgotten socialist contemporaries and predecessors. Immigration is the reserve army of capital. It lowers wages and working conditions while increasing living costs, thus creating higher profits.

  74. @Homeschooling Mom in NY

    We need a new election system that eliminates career politicians.

    It’s not the career politicians who are the problem, it is election funding. If all politicians were restricted to funding out of the public purse, they would “owe” the office and the public, not their financial backers and the lobbyists. The current system allows the financial backers and lobbyists to un-elect those who step out of line, by massively funding a compliant opponent to stop re-election.

    In my city, there was a “career” politician from one of the less affluent areas that was detested by many of the young Turks on council. Why? because every time they put up some new hair brained scheme to change a bylaw, he’d refer to some motion or bylaw from decades earlier that laid out the rationale for what had been done. It never fit the newbies interpretation of what they wanted to change. Term limits play into the hands of our owners. Those with long memories have a different perspective of how we arrived at a point in time. Just as our owner’s are trying to erase our history in schools and on the street, erasing long term political memories/voices is just what they are after.

    • Agree: Mefobills
  75. Neoconned says:

    They obscure the debate on purpose….allows the elites to keep their quasi aristocrat status and their assets artificially inflated to the moon via Fed funny money.

  76. Know Growth!

    We are simply feasting on over population consequence.

  77. Anon[314] • Disclaimer says:

    Nimbyism is in fact an ineffective strategy for holding back demographic change as immigrants are much better adapted to scarcity, and close living quarters.

    This is a great point, and something that most of the NIMBYism defenders on this site don’t seem to grasp.

    The dissident right defense of NIMBYism is premised on the idea that restrictive zoning, and the resulting high property values, produces homogeneous white suburbs by pricing out minorities. This was probably true in the 1970s or 80s, when minorities were mostly black, but it’s not true anymore. A lot of the nicer suburbs in my region are rapidly being taken over by East Asian and Indians. These immigrants operate as extended family units, pool their financial resources, and outbid white people for houses in desirable neighborhoods. Then they put three generations together under one roof.

    Great piece in general.

  78. @Giraffehead

    THE MONEY WAS CREATED… by banks, under the government’s central bank controlled fractional reserve banking system.

    I don’t want to split hairs, but there are central banks that are privately owned, and government owned central banks. Some government owned central banks are members of the Bank of International Settlements, and play by their rules.
    Technically, central banks loan money to their “best customers” – which are banks. The central bank may or may not, have a fractional reserve. With all of its flaws, at least the gold standard required central banks to have some level of real reserves, not imaginary ones. You must recall the run on the New Zealand dollar created by a “Labour” candidate musing during an election campaign that the NZ dollar might be devalued. With no gold standard in place, currency became a commodity no different than bottled water. Your country was devastated, financially, and foreign ownership massively increased.

    Your observations are correct about the banking scam. Clifford Douglas, the creator of the Social Credit movement, likened interest to the law of diminishing returns. It is money taken out of the economy. When it comes to housing, the house, until paid off, becomes areal asset, while the ledger entry mortgage is not a debit. The banks win twice – no outlay of capital, but gain of a physical asset and interest income on nothing lent.

  79. Few would argue that racial prejudice isn’t a driver of inequality in many areas of American life,

    Of course statements like this are void of any objective meaning but subjectively mean, “the more we can assert this in ‘inarguable’ the closer we are to the day of the rope for Whitey”.

  80. FRITZ says:

    Nice to see this from Mr. Stark! Welcome!

  81. If MAGA was real, not just shit trump n co fed the retards, it would be great.

    If BLM was a real protest and not just an excuse to loot, burn, that would be great too.

    So no, there is no contest, both are equally shit.

    Real shit.

  82. @Alden

    Yes it seems to be equally true of my Android based phone and is quite recent.

  83. @schnellandine

    Yes better for one’s mental serenity to replace horror with fascination, or at least keen interest and questioning😊

  84. A very corrupt system controlled by plutocrats. Here is a list of the outstanding corruptions.

    1. The fraud of universal voter suffrage masquerading as democracy creates the dictatorship of the plutocrats, control by the rich, the American dictatorship particularly brutal, when Karl Marx long ago pointed us at dictatorship of the proletariat (and carefully explained what that means—don’t confuse Marxist democracy the Bolshevik autocracy) as vastly truer democracy. And when election by lot would be better still and true representative democracy and would today, with free open-source software, be so easy and so low-cost.

    2. Intellectual property lifetimes extended extremely when intellectual property rights are already artificial, not real property rights.

    3. The corporation being a person with human rights.

    4. Corporate immortality.

    5. Interest on loans is not simple but compound.

    6. Infinite lifetime of debt bondage and short default terms.

    7. The secrecy of free trade agreement negotiations e.g. Trans-Pacific Partnership.

    8. American predatory demands such as extreme extension of patent and copyright lifetimes that are part of such secret negotiations.

    9. Charging money to advertise.

    10. The lawcourt system being adversarial rather than investigative, thus requiring pleas, and unfairly enriching lawyers.

    • Replies: @Jim Bob Lassiter
  85. @Spangel

    The modern dating scene is a disaster for young people.

    Right off the bat, a big chunk of men are eliminated from ever dating because they aren’t good looking enough for Online Dating.

    For the rest, it turns into a hookup festival. Not sure that the majority even want it to be this way, but Online Dating seems to inevitably lead to casual sex. It removes the future time orientation piece.

    Most people have had their hearts broken and gave up at some point in their 20s. This either shows up as increasing hookups or just dropping out of the dating pool.

    The dating scene is bad, I’ve done better than most, but with no kids and no gf, there is nothing to really show for it.

  86. Kids have less money than their Grandparents! Quel horreur!

    • Replies: @Ann Nonny Mouse
  87. @Art

    For White people maybe.

    East and South Asian people are perfectly grown up at 21. And this is reflected in the faces being hired at every major corporation.

    There just aren’t that many white grads, I’m being told by Canadian recruiters.

    The era of “chasing your dreams” and “finding yourself” is quickly coming to an end for White people. When they decide to “settle down”, this time they’ll find that every corporation has been taken over by East / South Asians, and they are not likely to hire whitey.

    • Replies: @Thomasina
    , @Art
  88. Thomasina says:
    @MarkinLA

    “It’s has a lot to do with how much you are willing to sacrifice.” Of course it does. Nobody is arguing about that.

    You didn’t say what year you bought your house, what you paid for your house, how much you were making when you bought it, and what it’s worth now.

    No children, no daycare expenses…I could go on and on.

    Many young people are perfectly fine with sacrificing IF they have a hope. It’s just that in many cases they don’t. Sounds like you got in when the going was pretty easy.

    • Replies: @MarkinLA
  89. @sally

    Do what you suggest and invention/R&D expenditures will tumble off the edge of the earth. You need to go back to your utopian Etch-a-Sketch and come up with something a little less shoddy.

  90. @Ann Nonny Mouse

    I could talk to you about several of your points, but you are nuts/ignorant with regards to 5,6 & 9.

    • Replies: @Ann Nonny Mouse
  91. @Steve in Greensboro

    Wrong. Not kids, adults. And not than their grandparents today, than their pre-marriage grandparents. New adults of this era have less money than new adults of their grandparents’ era.

    • Replies: @Wizard of Oz
  92. @Carlton Meyer

    Great ideas. But 50 years too late. The very word “America” is now banned on many campuses as “racist” n so is the idea of American citizenship. There is no solution that could put this country back together again. It will fragment into ethnic enclaves. BLM has already thrown down the gauntlet by their highly public ethnic cleansing of whites.

  93. @Ole

    Revolution. Love. It’s always a ton of power to spend at that age, and a lot of ignorance to overcome. It’s a glorious time to be about 20 I’d guess, if they’ve been granted some mental and physical gifts, and enough luck to survive what’s coming.

  94. MarkinLA says:
    @Thomasina

    No I didn’t get in while the getting was good. I barely qualified for a lousy 67K loan on a 75K house when interest rates were 12 percent. My Dad had to cosign and the loan was FHA. The bottom fell out of the market right after I bought (right in the middle of Carter’s double dip recession). If I hadn’t bought, 3 years later when prices bottomed, I could have bought a house in the Hollywood Hills for 150K that is now worth probably 2 million while my 75K shithole is only worth 400k. I had to pay a mortgage on a house that was worth less than I paid for it for 3 years. When I finally refinanced 5 years after I bought at 9% the house only appraised at 85K.

    I bought in 1982 when my salary was around 28k.

  95. @gotmituns

    Most colleges are now actually monasteries for the new PC Cult. When youths pay for this “higher learning” they are really tithing to this new fanatical religion. They come out ignorant n brainwashed n blame everyone except themselves for their life crushing debt laden situation. Instead of burning malls, they should burn their colleges n demand their money back. The Diversity Cult n the professors n schools that push it are, after all, very rich! Go get your money back n get a real job!

  96. @Wizard of Oz

    I had to speak in broad brush strokes because the post was too long anyway. Yes fractional reserve banking has been around forever but the point was it used to be a crime. The real authority on this is “Money, Bank Credit and Economic Cycles, by Prof. Jesus Huerta de Soto which you can read online at the Mises Institute. It’s really worth buying because it is an extremely scholarly, well researched volume. He traces the phenomena right back to its origins in ancient Greece and Rome. But the real point is that since the end of Breton Woods in 1975 money creation has simply exploded and that money has disproportionately gone into assets, and so the CPI, PCE etc. don’t work. The result is that the millennials really have been screwed. Their wealth has been transferred into the wealth of assets held by other people. It has now become a big deal just for a young family to buy a home. And it’s downright wicked. And when I’m talking about gold, I really mean that for those who can’t afford property, it’s a good place to hide because this trillions of new money coming down the pipe.

    • Replies: @Mefobills
    , @Wizard of Oz
  97. @Jim Bob Lassiter

    Just on 9, the media would not be constantly pushing for war, and every fiendish drama, if it were not for the ratings and so for advertising revenue that tragic dramas bring. We’d get fair and balanced coverage of Syria, there’d be no sanctions.

    • Replies: @Jim Bob Lassiter
  98. Thomasina says:
    @TorontoMans

    “There just aren’t that many white grads.”

    LOL. Are there any Whites left in Toronto?

    Canada has been sold out to waves of immigrants from the Third World, plus the jobs they used to have were shipped off to the places the Third World immigrants came from.

    The Whites have lost their country, and have probably lost hope.

    • Replies: @TorontoMans
  99. Mostly agree. Police could definitely be defunded. They really don’t do much to stop crime. Mostly just harass the poor, collect fees for govt.

    Decent article on the police, writer is a former B Sanders staffer and a partisan, but he is mostly correct here:

    https://sirota.substack.com/p/republicans-defunded-the-police-we

    Another good article on police

    https://socialistworker.org/blog/critical-reading/2014/12/09/main-role-police-protecting-ca

    Jack Ma is mostly correct here:

    https://www.cnbc.com/2017/01/18/chinese-billionaire-jack-ma-says-the-us-wasted-trillions-on-warfare-instead-of-investing-in-infrastructure.html

    I try to stay clear of identity politics, sadly many on the right and the left feed off of it. Theres nothing “Marxist” about idpol. Its exactly the opposite. Workers of the world unite, never mean’t only black workers or tranny workers unite against white workers or eskimo workers. Its ridiculous and everyone who pushes these memes is responsible for their own demise.

    You can blame immigration, ordinary boomers or blacks or eskimos till you’re red in the face, those are just the symptoms, and it doesn’t change the fact that none of them hold any power. The Kochs, Mercers, Soros, Waltons, Blankfeins, Dimons, Adelsons, Trumps, Kushners, Singers, Lockheed Martins, Boeings, Raytheons, KKRs, Goldman Sachs, Blackrocks, Blackstones, Chevrons, Exxon Mobils etc of the world have caused this hell on Earth. This neoliberal, libertarian capitalism is the disease, they own the govt, they are the govt.

    The US is done as far as I can tell, everything has been corrupted. Elections will never make a difference. George Carlin was correct long ago. The real rulers don’t hold elections. JFK and 9/11 should be all the proof you need that the devil himself has taken over.

    I mostly agree with this:

    https://www.truthdig.com/articles/the-coming-collapse/

    • Agree: vot tak
    • Replies: @Miro23
  100. Mefobills says:
    @Giraffehead

    The real authority on this is “Money, Bank Credit and Economic Cycles, by Prof. Jesus Huerta de Soto which you can read online at the Mises Institute.

    Please don’t allow yourself to get trapped by (((lolbertariansim))).

    Even a broken clock is right twice per day.

    https://sovereignmoney.site/notes-on-huerta-de-soto-and-neo-austrian-school?rq=de-soto


    HdS repeatedly laments a lack of understanding of modern monetary and banking affairs among the broader public, including quite many economists. But his defence of ‘traditional legal principles to banking’ (730) does not exactly contribute to modernising money. Free banking is a recipe for totally unleashing an already largely unleashed, non-accountable financial turbo capitalism. At the same time, the envisaged 100% gold backing of money is a strangely backward-looking and unwordly component of the Neo-Austrian agenda, a project of veritable quixotic character
    .

  101. @Giraffehead

    Speaking as one who is too old and tired to research and invest in the FANGS directly or heavily in any way (especially when I listen to my best-selling historian neighbour being interviewed today, sharp as a tack at age 90! I can’t see myself getting to that age at all…) I am glad at least that I can borrow at 2.66 per cent interest in advance to keep up my adult life long >100 % investment in equities and commercial property trusts. Interest used to be up to 14% and I was very pleased with a mere 7.25% when there was direct property too. If my grandchildren are to go to the Ivies or Oxbridge paying from an Aussie dollar base I will have to keep on trying to beat market, punishment of Australia by China and taxes for a long time to come. So I worry about the unprecedented since we remember well how chairman of the Fed and our own central bankers (somewhat less disastrously) got it wrong and how different is the prospect of the highly indebted US today from that of the highly indebted US in 1946. Apart from the potential impact of capital gains tax (nearly 25% and no allowance for inflatiion) I suppose old style inflation is not a big worry except, except, in these unprecedented times, what might happen to asset prices? I suppose you are right that gold (and maybe gold stocks) will be a safe haven, though with high holding and transaction costs. After all, though it is, as Keynes put it, a barbarous relic, but judging by the popular thinking exposed on social media and blogs, nothing could be more in demand than a barbarous relic.

  102. @Thomasina

    There are quite a few young whites in Toronto, mostly coasting off of mommy and daddy’s money.

    Most are lazy and not focused on education or careers.

    The young whites will be SOL in about 8 years as the Boomer HR people are replace by nepotistic ethnic groups of various stripes. The smart fraction minorities are taking all the good jobs.

    However, for every 1 smart minority there are 10 turd world sludge people.

    What can I say, it’s a bad time to be poor.

  103. Art says:
    @TorontoMans

    East and South Asian people are perfectly grown up at 21. And this is reflected in the faces being hired at every major corporation.

    In feminist run US grade schools – first grade aggressive and motivated white boys are told that they are bad and in many cases are given drugs.

    If you have boys – avoid US government schools.

    p.s. The Jew MSM will not discuss this truth.

  104. @Ann Nonny Mouse

    I think you Americans, in particular, should recognise other changes than those so far blamed for the relative asset (and income) poverty of your young generations force fed expensive education to become competitive with one another while not enjoying the huge advantages similar people in America had over the rest of the world until about 1973. Of course, even if the masters of finance capitalism and tax rates for the rich which money can buy in America were not screwing the ordinary millennial the waste on military follies and on healthcare would be enough to explain why a generation burdened too by student debt is not able to afford the good life. I don’t know whether our governments would be as bad in Australia but we don’t have the healthcare or defense spending problems and China has hitherto been a great export market,yet we have complaints about housing affordability too. In the US you seem to have many domestic housing markets in different parts of the country. I daresay it would be fine if all the old in valuable houses and apartments in big cities sold up and moved to much less expensive rural retirement. There seems to be a lack of high value economic activity in many parts of the US. By contrast Australian population is highly urbanized in five major cities.

    • Replies: @Ann Nonny Mouse
  105. Delta G says:
    @Intelligent Dasein

    SSDD, Same Shit Different Day. Yes inter=generational jealousy, racial jealousy etc etc. The reality is that all people are not created equal. Some are born into wealth, some are vastly more intelligent than others and some are born into a hellish environment created by their own parents and race.

    That is reality and it cannot be changed except in some LSD driven Utopian dream.

    What we see now is the effect of Jealousy which is the root of all evil and the core of all Sins.

    The exploitation of Jealousy is the core of modern politics and likely will create multiple Civil, International and possibly Global Wars.

    The Stupidity and Incompetence of the Wealthy should never be underestimated. By allowing individuals to accrue so much personal wealth Humanity has placed Western Civilization at risk of extermination. Do you really think people like Gates, Soros, Bezos, Zuckerberg, Winfrey, Bloomberg, Ellison, etc etc etc are normal and not mentally ill and sociopaths. Now Humanity must endure this creation of multiple Frankenstein’s Monsters, if Western Civilization is to survive.

    This system was created and these individuals exploited it and now it will come down in every Biblical Sense. It is an unstable and unendurable system. The Monsters are Stupid and Greedy and will eat themselves and each other and Humanity in the process. Mark my words..

    You cannot fool reality.

    • Replies: @Jim Bob Lassiter
  106. Miro23 says:
    @redmudhooch

    Thanks for the link to that excellent article.

    https://www.truthdig.com/articles/the-coming-collapse/

    As a foreign correspondent I covered collapsed societies, including the former Yugoslavia. It is impossible for any doomed population to grasp how fragile the decayed financial, social and political system is on the eve of implosion.

  107. @Alden

    Imagine the ten year old racals tying up the old fuddy duddy to extort money for new snickers!

  108. @Ann Nonny Mouse

    Ok, so the calm, soothing and collected voices of “not for profit” “no advertising” NPR and BBC (actually not so calm) deliver 100 percent pure factual, fair and balanced peace, love and joy news services devoid of any agenda whatsoever? Run along and see if you can find some more space on the ass end of your Pious Prius to put another bumper sticker on.

  109. @Giraffehead

    Gold is a raw material, and raw materials are wealth, with some forms of wealth being more important than others.

    Food is the most important raw material upon which ALL economic activity depends. To those who disagree lets see how having no food works out for you.

    Thus it is Agriculture that is the most important prime mover in economics and thus when you underpay Agriculture, and other raw material producers, then the economy will borrow money, create debt instruments to make up for the lack of currency that would normally flow through the economy if the producers of essential wealth were paid properly.

    Back in 1930’s the Raw Materials National Council’s analysis of the data demonstrated this fact and pushed the solution, Parity, which is the Law 7 USC Sec 602, utilized with great success 1942-52.

    http://www.normeconomics.org/ag_cmte_tst17a.pdf

    http://www.normeconomics.org/parity_table_45-16eb.pdf

  110. FLgeezer says:
    @Gast

    Wonderful incisive post Gast. Thank you.

    • Agree: David
  111. Poco says:
    @sally

    Anyone comes along trying to take the land my Dad worked for, improved, and built upon, and which I expanded and improved in order to pass it on to my kids, gets the opportunity to have their head blown off. Or blast mine.

  112. Franz says:
    @Reg Cæsar

    However, poorer immigrants from anywhere hurt the job market for young Americans. “Boomers” had enough competition from each other, and now had to face a horde of young foreigners. It was amazing that they were able to build any net wealth at all!

    Amen.

    Rich boomers used to be called “yuppies” because they, like the greatest generation, could take advantage of the labor-wage differential, which is why that group prospered.

    What about Gen Out? Forgotten. Working class never existed.

    Tens of millions of downsized people are lumped in with the boomers. But don’t expect to hear about the ones working till they drop, they make up the majority.

    Who controls the narrative here? Right. Plutocrats are giving the up-and-coming a big target for their frustrations. As usual, the guilty shift the blame from their shoulders.

  113. vot tak says:

    Reading this article I kept wondering when I would come to the meat of it, where the author was going to get down to describing what was wrong in detail, some hows and whys, and perhaps suggest some ideas about how to make corrections. He never did, though. I got the impression the author thought that if all the millennials could somehow get a home of their own, then america’s current malaise would be solved and everyone would be happy and satisfied with their lot and placement in the pecking order.

  114. vot tak says:

    U.S. Oil Dominance Is Coming To An End

    https://oilprice.com/Energy/Crude-Oil/US-Oil-Dominance-Is-Coming-To-An-End.html

    A good article on american oil production.

    Posted this article link for 2 reasons. First, the price of oil is going to go up and this will further widen the gap between the haves and have nots in pindoland. This gap is not between generations, as rightwing propagandist stark is claiming, but between those managing “the system” and those servicing it. In that respect little has changed regarding the roles class plays in israel’s american coloney. What has changed is the haves are not trying to buy out as many have nots as before, leaving a larger percentage left out and barely getting by. This is a return to the 19th century where oligarchy ruled unfettered. The right wing wet dream.

    The second reason I posted the article is it is a work of actual analysis, it informs, explains, educates. Rather than an exercise of status quo support using dodgy assumptions based upon nonsense and bias.

  115. Sparkon says:
    @anon

    I don’t think so. Spelling mistakes, bad grammar, and lack of punctuation not only make reading much more difficult, but also reflect poorly on the writer.

    A careful writer always proofs his work.

    Ideally, in any professional environment, a proof reader and/or editor should screen all copy before it is committed to publication. For the writer, a simple spell checker is extremely useful, but it will not catch such common mistakes as homophones, where their is typed for there, they’re for their, and some of the other beauties I’ve beheld in comments on this forum.

    It is easy enough to make these kinds of mistakes, even on a PC or laptop with a standard keyboard and big, bright screen, but Ron Unz gives us five minutes to review our work, spot and correct mistakes, before the comment is committed to publication, and goes into moderation.

    Clear, concise, error-free writing is one of the highest achievements of our species. The best writers are able to make a long story short, but entertaining. Lengthy writing is not necessarily good writing. Less may be more. As Shakespeare put it in Hamlet:

    “Brevity is the soul of wit.”

    Finally, I don’t understand why people try to participate here using their phones, what with the small screen, tiny keyboard, and occasional autonomous behavior of the fool things virtually assuring typos and other flawed output, but even on a phone, the writer should be able to correct errors in the five minute editing window.

    • Replies: @schnellandine
  116. @ruralguy

    Third wave feminism was conceived and flourished under the boomers watch, whence the childless professional women you speak of. Weak white men rolled over and caved, shit test failed! Moving jobs to cheap foreign labor markets also a boomer construct happened under the boomers watch. So enjoy your wealth but don’t pat yourself on the back too hard… Boomer!

  117. @Gast

    Until easy no fault divorce and punitive “against the man” divorce law is seriously reformed, nothing can be done to help or promote the formation of families.
    Also the entitlement mentality and narcissism of western women.

  118. @gotmituns

    Agree with your assessment. The young post gen X have had it drilled into them from all angles that self esteem is something they are born deserving off, it is not to be achieved via hard work, skill, accomplishment or merit.

  119. @Sparkon

    but Ron Unz gives us five minutes to review our work, spot and correct mistakes, before the comment is committed to publication,

    RU gives you nearly unlimited time to review your comment before it’s committed. Puzzling that this reality isn’t understood by some.

    don’t understand why people try to participate here using their phones,

    It’s the only thing I use here. Explaining thoroughly why might tend to squeeze my anonymity. Short story, it’s better for me.

  120. angmoh says:

    At least for whites the generational wealth gap will eventually trickle down to the pockets of white millennials – blacks have no such windfall to look forward to.

    But as Murray says, even absent racial considerations, social stratification will create ever more insurmountable advantages for the upper classes. Difficult to see a harmonious end to that trend absent some serious x factor.

    Warren’s wealth tax, relatively toothless as even that “radical” proposal was, could at least give the losers in this equation a chance to lose anew each generation. Better than nothing, and it addresses the ‘generational sin’ aspect of inequality to some degree.

  121. @Wizard of Oz

    … yet we have complaints about housing affordability too.

    We have complaints about rising house prices, we have complaints about housing affordability too, then we have complaints about falling house prices.

    • Replies: @Wizard of Oz
    , @Sparkon
  122. @Ann Nonny Mouse

    You would appear capable of feeling sympathy for the poor politician blamed for everything he can’t control.

  123. Sparkon says:
    @Ann Nonny Mouse

    we have complaints about falling house prices

    When did a house become an investment, rather than a place to live?

    The problem is – and always has been – greed.

    • Replies: @jack daniels
  124. @Rahan

    This is a brilliant post but I think you could have added a little more factual detail to the metaphorical argument.

  125. @Sparkon

    Greed or tribal rivalry? Money can advance both agendas at once, as we see now.

  126. R.C. says:

    What a bunch of PC BS. These lame arguments were proven wrong (by study and real world ‘results’) by the early 1980s.
    This is just another, “We can’t quit (Vietnam, Iraq, ‘Affirmative Action’, whatever)now! ; we’ve already wasted so much on it!”
    Again, PC sh*t.
    R.C.

Current Commenter
says:

Leave a Reply - Comments on articles more than two weeks old will be judged much more strictly on quality and tone


 Remember My InformationWhy?
 Email Replies to my Comment
Submitted comments have been licensed to The Unz Review and may be republished elsewhere at the sole discretion of the latter
Subscribe to This Comment Thread via RSS Subscribe to All Robert Stark Comments via RSS
PastClassics
Our Reigning Political Puppets, Dancing to Invisible Strings
The unspoken statistical reality of urban crime over the last quarter century.
Talk TV sensationalists and axe-grinding ideologues have fallen for a myth of immigrant lawlessness.