Scary Charts – 12.10.22

Millions of US Millennials Moved in With Their Parents This Year – https://www.msn.com/en-us/money/other/millions-of-us-millennials-moved-in-with-their-parents-this-year/ar-AA14Y5JT#comments

Most Expensive Zip Codes — https://ipropertymanagement.com/research/most-expensive-zip-codes

Quote for Today 12.09.22 AND Scary Charts

There is no mystery to controlling inflation. You just have to stop spending money you don’t have…stop lending out money at interest rates below inflation…and stop ‘printing’ up extra money to cover the holes in your budget. Instead, most governments continue to spend and print. Inflation is on the rise almost everywhere. And for the first time in modern history, much of the entire world’s middle class – the people who make the world work – is facing a grim period of higher inflation and lower real standards of living.

Three Strikes, You’re Out! More on the government’s middle class massacre – Bonner Private Research https://bonnerprivateresearch.substack.com/p/three-strikes-youre-out

But wait…it’s worse in North America.

I’m just thankful I haven’t retired yet.

Cryptocurrencies – Extra Credit Reading Assignment (Updated 12.01.22)

Cryptocurrencies are a social movement based on the belief that markings in a ledger on the internet have intrinsic value. The organizers of these ledgers call these markings Bitcoin, or Dogecoin, or offer other names based on the specific ledger. That’s really all a cryptocurrency is. There’s no magic. It’s not money, though it has money-like properties. It’s not anything except a set of markings. Sure, the technology behind the ledgers and how to create more of these markings is kind of neat. But crypto is a movement based on energetic storytellers who spin fables about the utopian future to come. In a lot of ways, cryptocurrencies are like Florida land that no one ever intends to use. It has value in the moment it is traded, but only because there’s a collective belief that it has some intrinsic worth.

Matt Stoller BIG newsletter 12.07.21 — https://mattstoller.substack.com/

FTX seems to be a textbook example of how many investors are easily hoodwinked by media narratives about the latest investment genius who has magically discovered some new way of delivering unprecedented returns. 

How Easy Money Fueled the FTX Crypto Collapse – https://mises.org/wire/how-easy-money-fueled-ftx-crypto-collapse

Good book. It should be required reading for everyone before they invest a single penny.

Update 12.01.22

One more extra credit reading assignment. FTX’s Collapse Was a Crime, Not an Accident

What Middle Class?

Hat tip to Mike Shedlock, a registered investment advisor at SitkaPacific Capital Management for highlighting the following video for his blog readers.

This is the portion of the blog post where I typically add a snarky comment.

Nope. Not going to joke about this.

The Labor Force Refuses to Grow – Age Discrimination?


Ageism?

Ageism is a real problem. And it could also be responsible for the low labor force getting stuck at this level. Boomers are now between around 56 and 76. This is a huge generation. And in tech, when the hiring manager is 32, and you’re 56, it’s tough getting that job. And when you’re 62, it’s even tougher just to get anyone’s attention. Some succeed. But many don’t.

Many of these people, often with a superb job history, may never get a job in their field again. Many of them made enough money to where they don’t have to work. They’d like to work, but it’s tough getting ignored or rejected time after time because of age.

And they give up “actively” looking for a job, and thereby they’re removed from the labor force. They were dropped from the labor force due to ageism, not because they wanted to retire. And they might tell everyone, after they give up looking, that they’re “retired,” when in fact, they’d love to work in their field but are locked out.

I Want to Add a Word about Ageism in this Bizarre Labor Market and How it Hits Labor Force & Unemployment Numbers — https://wolfstreet.com/2022/07/08/i-want-to-add-a-word-about-ageism-in-this-bizarre-labor-market-and-how-it-hits-labor-force-unemployment-numbers/

The entire post from Mr. Wolf is worth reading. Obviously there is no data to support ageism as one of the causes for the lack of labor force growth. But it certainly is an interesting hunch.

At last count there were 240 comments on this article.

Okay, Houston, we’ve had a problem here. https://www.nasa.gov/feature/50-years-ago-houston-we-ve-had-a-problem

We Don’t Need No Education (with apologies to Pink Floyd)

Enrollment declines continued to worsen this spring. Total post-secondary enrollment fell to 16.2 million this spring, marking a one-year decline of 4.1 percent or 685,000 students. Enrollment declined this spring at both undergraduate and graduate levels. Following a 3.5 percent drop last spring, post-secondary institutions have lost nearly 1.3 million students since spring 2020. Undergraduate enrollment accounted for most of the decline, dropping 4.7 percent this spring or over 662,000 students from spring 2021. As a result, the undergraduate student body is now 9.4 percent or nearly 1.4 million students smaller than before the pandemic.

National Student Clearinghouse Research Center — https://nscresearchcenter.org/current-term-enrollment-estimates/

I wonder why so many kids are not going to college.