The Great Depression

[Synchro909]

A new video about how Germany got out of the depression with a Ponzi scheme. Creative accounting at its best.

https://youtu.be/Tj0iLXCU-wM?si=Wni6KB5bo13CfAaZ

Worrying similarities to what is happening now and has been for a while.

 

[Synchro909]

Many of us here grew up with parents that had been deeply scarred by the Depression, which cast a long shadow well after it ended. Their habits of frugality, risk-aversion, and nose to the grindstone work ethics seem to have passed on to us in some form or another although the following generations have no apparent sense of what can happen when it all goes South.

In the area of wealth management, it is well recognised that there is a 3 generation long pattern. One man will work hard and make a lot of money. He dies and the money goes to his children. They saw how hard dad worked and what he sacrificed for it. They preserve it but don't do anything of consequence with it. The money then goes to the grandchildren. To them, it has always been there and it is theirs to do with whatever they choose. They blow it and the next generation is back at square one.
I expect the same pattern will become apparent in the generation or two after your observation. I fear for our children and grandchildren, the third and fourth generations.