You can’t blame Gen Z for not fearing debt when governments and corporations are piling up debt upon debt. Or when going to ‘uni’ involves taking out a massive debt that the state will pay, either by borrowing or printing. Or when MMT preaches that there is, and will be, an unlimited supply of money for everyone. Or when trillions are borrowed in the name of a virus that was of no danger to anyone who isn’t very old and already very sick or unhealthy.
But these are the supposedly best educated generation in history with access to fantastic and unheralded sources of immediate information. So if they believe that their student “loan” is a real debt then that is a failure on their part. If they think they’re already “in for penny” on that and decide that this existing “debt” means they may as well be “in for a pound” as well, then that is foolish. Kids being foolish with money? Who would have thought it. Kids being short-term in their outlook ditto. But this is not the result of student loans. It’s just kids being kids. Like they always have.
Samuel, yes kids have always been like that (I know I was!) but what is different is the ease with which they can run up the debt and also the background mood music, when Governments happily print money and run up vast debt, for reasons both good and bad. If a government does it (and controls its own currency) it might get away with it for a while. If individuals do it, they will get hammered for the rest of their lives, potentially. If enough of the kids (later adults) do it, they’ll possibly bring down the whole house of cards on us all.
Peter Coomber
3 years ago
Thank you for posting a very interesting article. As an early 1960s born baby boomer these payment methods and devices are a whole new world to me. I do not like to be a pedant but I would point out one minor grammatical flaw. You write that ‘……..Klarna has successfully tapped into a tricky market that can often allude major retailers….’. Here the required word is elude. It means to escape or avoid by cunning, speed or trickery. Allude means make reference to.
Andrew Best
3 years ago
Debt is chains. All poor working class people should have that drummed into them from primary school. Don’t full for their lies. On the never never, cheap credit etc I did and it takes years to get out of it, if ever
Robin Lambert
3 years ago
Why should we feel sorry for Selfie/selfish Generation X they demand housing but will not save .They demand housing yet are in favour of mass legal and illegal immigration.They believe flawed Climate models .If they focus on denigration of Countryside. Undemocratic house of lords not Vacuous Virtue signalling or asking Why Isolation hospitals have been closed over the past two generations.I might have sympathy.As John Lennon says if you want money for minds that hate.boy you better wait ..
Peter Coomber
3 years ago
Thank you for posting a very interesting article. As an early 1960s born baby boomer these payment methods and devices are a whole new world to me. I do not like to be a pedant but I would point out one minor grammatical flaw. You write that ‘……..Klarna has successfully tapped into a tricky market that can often allude major retailers….’. Here the required word is elude. It means to escape or avoid by cunning, speed or trickery. Allude means make reference to.
Peter Coomber
3 years ago
Thank you for posting a very interesting article. As an early 1960s born baby boomer these payment methods and devices are a whole new world to me. I do not like to be a pedant but I would point out one minor grammatical flaw. You write that ‘……..Klarna has successfully tapped into a tricky market that can often allude major retailers….’. Here the required word is elude. It means to escape or avoid by cunning, speed or trickery. Allude means make reference to.
You can’t blame Gen Z for not fearing debt when governments and corporations are piling up debt upon debt. Or when going to ‘uni’ involves taking out a massive debt that the state will pay, either by borrowing or printing. Or when MMT preaches that there is, and will be, an unlimited supply of money for everyone. Or when trillions are borrowed in the name of a virus that was of no danger to anyone who isn’t very old and already very sick or unhealthy.
But these are the supposedly best educated generation in history with access to fantastic and unheralded sources of immediate information. So if they believe that their student “loan” is a real debt then that is a failure on their part. If they think they’re already “in for penny” on that and decide that this existing “debt” means they may as well be “in for a pound” as well, then that is foolish. Kids being foolish with money? Who would have thought it. Kids being short-term in their outlook ditto. But this is not the result of student loans. It’s just kids being kids. Like they always have.
Samuel, yes kids have always been like that (I know I was!) but what is different is the ease with which they can run up the debt and also the background mood music, when Governments happily print money and run up vast debt, for reasons both good and bad. If a government does it (and controls its own currency) it might get away with it for a while. If individuals do it, they will get hammered for the rest of their lives, potentially. If enough of the kids (later adults) do it, they’ll possibly bring down the whole house of cards on us all.
Thank you for posting a very interesting article. As an early 1960s born baby boomer these payment methods and devices are a whole new world to me. I do not like to be a pedant but I would point out one minor grammatical flaw. You write that ‘……..Klarna has successfully tapped into a tricky market that can often allude major retailers….’. Here the required word is elude. It means to escape or avoid by cunning, speed or trickery. Allude means make reference to.
Debt is chains.
All poor working class people should have that drummed into them from primary school.
Don’t full for their lies.
On the never never, cheap credit etc
I did and it takes years to get out of it, if ever
Why should we feel sorry for Selfie/selfish Generation X they demand housing but will not save .They demand housing yet are in favour of mass legal and illegal immigration.They believe flawed Climate models .If they focus on denigration of Countryside. Undemocratic house of lords not Vacuous Virtue signalling or asking Why Isolation hospitals have been closed over the past two generations.I might have sympathy.As John Lennon says if you want money for minds that hate.boy you better wait ..
Thank you for posting a very interesting article. As an early 1960s born baby boomer these payment methods and devices are a whole new world to me. I do not like to be a pedant but I would point out one minor grammatical flaw. You write that ‘……..Klarna has successfully tapped into a tricky market that can often allude major retailers….’. Here the required word is elude. It means to escape or avoid by cunning, speed or trickery. Allude means make reference to.
Thank you for posting a very interesting article. As an early 1960s born baby boomer these payment methods and devices are a whole new world to me. I do not like to be a pedant but I would point out one minor grammatical flaw. You write that ‘……..Klarna has successfully tapped into a tricky market that can often allude major retailers….’. Here the required word is elude. It means to escape or avoid by cunning, speed or trickery. Allude means make reference to.