In wealth management there is a saying ‘the first generation builds it, the second generation protects it, the third generation smokes it’.
I’ve seen it play out. It certainly isn’t universal, but it’s a common pattern.
What you are describing also lines up (roughly) with generational demographic trends from the post WW2 generations to now.
Notably, the post WW2 USA was in a very unique place - most everyone else’s economies had been blown to smithereens, it had the worlds reserve currency as everyone else had to take loans from the USA to survive (or had been conquered), and it had a (mostly intact) highly motivated and trained workforce that had just won the major world war as ‘the good guys’ and had a relatively consistent self-image and cohesive society because of it.
All of these factors - including even a cohesive society, have now mostly ‘gone up in smoke’. Even major Capital has devolved to equity and leverage, typically the weakest type of Capital.
Don’t worry, there is still a lot left to burn though!
I’ve seen it play out. It certainly isn’t universal, but it’s a common pattern.
What you are describing also lines up (roughly) with generational demographic trends from the post WW2 generations to now.
Notably, the post WW2 USA was in a very unique place - most everyone else’s economies had been blown to smithereens, it had the worlds reserve currency as everyone else had to take loans from the USA to survive (or had been conquered), and it had a (mostly intact) highly motivated and trained workforce that had just won the major world war as ‘the good guys’ and had a relatively consistent self-image and cohesive society because of it.
All of these factors - including even a cohesive society, have now mostly ‘gone up in smoke’. Even major Capital has devolved to equity and leverage, typically the weakest type of Capital.
Don’t worry, there is still a lot left to burn though!