Re:Baby Boomers: We had it all, and still do.
by JonnieCache on Saturday March 31, 2012 @07:56PM
(#3781994)
>(This is where I disagree with JonnieCache, I believe that cronyism and corruption have caused all the issues he mentioned, not free-market capitalism)
Just to clarify: I don't have anything against free markets in abstract, just in the dogmatic application of market ideas.
The notion that always acting in ones self interest is optimal for society always justifies anything and everything, leading inevitably to cronyism, corruption, whatever. "Free" seems to mean "allowed to do whatever you want" as far as I can tell.
Hmmmm. I should really be venting this somewhere else. Sorry people.
Re:Baby Boomers: We had it all, and still do.
by WalterBright on Saturday March 31, 2012 @08:13PM
(#3782028)
Inflation is hardly a characteristic of the boomer years. We've had persistant inflation since 1914, went we went to a fiat money system.
They allowed decades of undeclared wars. They allowed decades of military-industrial complex buildup. They allowed business and government to become more intertwined than ever before. (This is where I disagree with JonnieCache, I believe that cronyism and corruption have caused all the issues he mentioned, not free-market capitalism)
They allowed the constant inflation of their money because it appeared that they were getting richer, when in reality it was shrinking what little savings they had and absolutely destroyed the savings of their retired parents generation.
Now we are left with a debased currency that has the potential to become worthless within our lifetimes. We are left paying the interest on the consumption loans they took out to fuel their lifestyle.