John Gritt is discussing:

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

CONTRARY RIGHT VIEW: MILLENNIALS HAVE CUT OUT THE MIDDLE MAN

Most of the comments on this seem to derive and mock #Millennials. While I am no fan of their #ClownWorld idiocy, there is another view here.

Late age #Boomers and #GenX ers live on perpetual #credit, i.e., they have been in debt since their 20s. Principally, they have student loans, car loans, mortgages, and credit card balances.

Heed my words: Everything that you buy via a credit card for which you do not pay the card balance in full at month's end is being financed. In short, if you're financing something in perpetuity, you are renting it, in effect.

Here, I must hand it to the Millennials. They have cut out the middle man, the credit card / banker / credit issurer. Of course, if Millennials are using credit cards to pay for directly renting, they are as stupid as their debt-laden counterparts of Boomers and GenXers.

If money existed, the consumer credit would be a fraction of what it is and so would renting. The fiduciary monetary system produces many evils. This is yet another one.

#USA #SocialLIfe #USASocialLife #economy #debt #credit

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