Hypothetical situation regarding dollar vs peso

[mini]

"I think the current situation in Argentina where almost a whole generation has no access to buying a home is a disaster waiting to happen. Just wait 30-40 years when they retire."


What about inherited wealth? The same people who might not be able to afford a house today will certainly inherit their parent´s home or homes and their other assets. Or, their grandparent´s assets. Not only in Argentina but all over the world. We are on the cusp of the biggest transfer of wealth ever seen.

You make an interesting point about inherited wealth. If you think about it, people are living much longer now. Children used to inherit their parents wealth when they were in, what, their 30s-40s? Now people only inherit when they are in their 50s-60s-70s.

Parents' wealth used to be a boost for a family's financial growth. It would help families buy their homes when they were still raising children.

I also wonder if parents living longer also means they need to use most of their wealth thus leaving little for their children. And when the inheritance does come, the grandchildren are already out on their own. I don't know.

An interesting thing to think about. Anyone need a doctoral thesis???

 

[BlahBlah]

This is a general and unsubstantiated assertion. Which North European countries are in "most of North Europe?"

Read the thread before you start asking questions.

 

[BlahBlah]

"I think the current situation in Argentina where almost a whole generation has no access to buying a home is a disaster waiting to happen. Just wait 30-40 years when they retire."


What about inherited wealth? The same people who might not be able to afford a house today will certainly inherit their parent´s home or homes and their other assets. Or, their grandparent´s assets. Not only in Argentina but all over the world. We are on the cusp of the biggest transfer of wealth ever seen.

But most parents or grandparents probally will sell off (part) of there assets and need help of there kids to stay afloat(or live better). This is not only that way in the poorest class of people but also in most of the middle class

I doubt that many babyboomers will be able to leave a lot to there kids. And the very few that can provide housing for there kids

 

[harpo]

This is a general and unsubstantiated assertion. Which North European countries are in "most of North Europe?"

Not Iceland, clearly.

 

[harpo]

Of course some parts of Europe (and the world) will survive this economic catastrophe better than others, just as some people will survive unscathed while others are wiped out. My point is that the ordinary upper-middle classes have been having their economic position eroded over decades, while being conned that they were better and better off.

I think the crisis has brought us to the end of that particular game. Our children and grandchildren will be paying for this reckless borrowing and spending spree. I see a lot of anger when the penny finally drops - and a lot of questions that might have uncomfortable answers.

Question such as: 'What does it mean when your house is worth $5,000,000?'
Answer: Nothing, until that 5m is in your bank account.

 

[BlahBlah]

It just gives you an indication about the spending power some people have.

With your assumtion I just do not agree. The 20's-30's are better off then there parents. They also have the luxury to go to college if they want to a luxury most baby-boomers didn't have.

It is just bullshit that you were better off in the 50's then now, this just is not true. There are much oportunities to develop then there were just after the war.

 

[bigbadwolf]

Of course some parts of Europe (and the world) will survive this economic catastrophe better than others, just as some people will survive unscathed while others are wiped out. My point is that the ordinary upper-middle classes have been having their economic position eroded over decades, while being conned that they were better and better off.

The middle class and the working class generally. In both the USA and England, a single skilled worker's wage was enough to buy a house, raise a family, and send the children (in the USA) to college. in terms of jobs, one could quit a job in the morning and have another by the afternoon. All this started to sour in the early '70s and it's never let up since, just becoming worse and worse. One never heard of things like this:

"We had people with doctorates, we had people with masters degrees we had people with all sorts of different career backgrounds," he said. "Carpenters, people who've worked on farms in other countries, people who have managed museums, all sorts of things you would never suspect you would find on a farm labor application."

For a more humorous take on the situation, there's this video here, except it's too close to the truth to laugh at.

I think the crisis has brought us to the end of that particular game. Our children and grandchildren will be paying for this reckless borrowing and spending spree. I see a lot of anger when the penny finally drops - and a lot of questions that might have uncomfortable answers.

A lot of undirected anger, yes. The end result will be that the financial system will be allowed to fold and all public debts annulled -- i.e., default. it is the logical and inevitable consequence.

 

[BlahBlah]

I don't even want a gf or wife who does not work.

Maybe you can consider moving to Marocco or rural Turkey. I am sure you meet many people who think like you

 

[Recoleta Carolina]

It just gives you an indication about the spending power some people have.

With your assumtion I just do not agree. The 20's-30's are better off then there parents. They also have the luxury to go to college if they want to a luxury most baby-boomers didn't have.

It is just bullshit that you were better off in the 50's then now, this just is not true. There are much oportunities to develop then there were just after the war.

Did I read on a different post of yours that you are living in France at the moment? How would you compare living in France with living in Argentina? Also, have prices of real estate started to come down in Paris?

 

[BlahBlah]

I don't live in France but in BA