The Monster Is the Burgeoning Horde.....
The aging pensioners of Europe and Asia must find young people to pay interest into their pensions, and they do not have enough young people at home. Germans aged 15 to 24, on the threshold of family formation, comprise only 12% of the country's population today and will fall to only 8% by 2030. But one-fifth of Germans now are on the threshold of retirement and half will be there by mid-century.But America can survive these violent cycles of bubble-building and bubble-bursting, because America still has younger generations. It is not at all clear that Europe will be able to survive, since Europe's younger generations are failing to show up.
...There is nothing complicated about finance. It is based on old people lending to young people. Young people invest in homes and businesses; aging people save to acquire assets on which to retire. The new generation supports the old one, and retirement systems simply apportion rights to income between the generations. Never before in human history, though, has a new generation simply failed to appear.
...America is in the midst of another wave of wealth-destruction. The Federal Reserve has sought to devalue its way out of a financial crisis, giving foreign investors all the less reason to buy American risk-assets, although foreign central banks continue to buy American government bonds for lack of an alternative. __Spengler
Europe's "burgeoning horde" of pensioners expects to retire early and be paid handsomely for doing so. But who will pay? And as the generations caught in the middle slowly become aware of the trap in which they are caught, what will they do?
More and more of Europe's young professionals, academics, and sports/media stars are choosing to emigrate from Europe and immigrate into Switzerland and the Anglosphere. When caught between the growing influx of violent religious fanatics from the third world, and the possibility that no pension will be waiting for them when they finally retire (years later than planned), more intelligent and capable young Europeans are choosing to transport themselves to places where they will have the financial power to create their own pensions--their own destinies.