I think the title should be "The Next Recession Will Destroy Millenials... IN USA".
I think the next recession will change the world order, making China the most important player. Petro Yuan will be the next big currency and USA will try to create some war or their millitary spending will kill them.
Scare mongering or accurate prediction of the future? Who even knows. The fact is, house prices are only high if there are people willing to buy them. Rents are only high if there are people able to pay them. Retirement funds are only valuable if the shares behind them are valuable.
If a Recession hits and Millennials are as screwed as this article says they are will be, then that flow on effect will also mean the assets Boomers hold will drop in value drastically. And the Boomers in power right now don't want that to happen.
Not true. Home prices can stay high even without many people buying because it's fairly easy to just let a place you owe no money on stay vacant until someone comes along and pays what you think it's worth. If you have an extra house you can take your time.
If you have no house, you don't have that luxury. You have to take what you can get, right now, or be homeless. You're at the mercy of the sellers of housing.
I say this as a seller of housing: It's totally messed up.
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[ 3.9 ms ] story [ 25.6 ms ] threadI think the next recession will change the world order, making China the most important player. Petro Yuan will be the next big currency and USA will try to create some war or their millitary spending will kill them.
My parents generation bought all the housing for investment making it impossible to buy. Together with student debt we don't stand a change.
Right up until China devalues it again.
If a Recession hits and Millennials are as screwed as this article says they are will be, then that flow on effect will also mean the assets Boomers hold will drop in value drastically. And the Boomers in power right now don't want that to happen.
If you have no house, you don't have that luxury. You have to take what you can get, right now, or be homeless. You're at the mercy of the sellers of housing.
I say this as a seller of housing: It's totally messed up.