Although you are right to say it is not millennials or boomers that are ruining the world, when you place the blame on “capitalism” I have to say whoa. There is little true capitalism in the developed nations, few individuals or groups of individuals have the means to put their capital or a portion of it into a new business venture and risk losing everything.
What we ave now is corporatism (and gross abuse of the word entrepreneur). What happens is a few opportunists will create an idea, or more likely steal one from somebody with high intelligence but little business acumen, take it to a venture capitalist firm which will have been allocated budgets to invest in high risk profits by fund managers, and they venture capitalist will bet on ideas they think might succeed. some, like Uber, do; some like Theranos look like they will fly, then the flaws in the business plan are exposed and they crash and burn.

But the venture capitalist form has not lost its own money, and the fund manager who controls a wide portfolio with investments ranging from ultra safe US Treasuries at 3.1% to high risk stratups offering possible quick returns of several hundred percent, with the risk of losing the entire investment, will have spread the investment according to the risk. And they are not playing with their own money but with bank deposits, pension funds, small investors funds in unit trusts and investment trusts etc.

And if a fund goes but, it’s legal status like that of a limited liability company, protects the managers responsible from personal liability for the losses (so those million dollar bonuses stay safe in the Cayman Islands, Switzerland or somewhere similar. Thus the hated “capitalism” that milennials rail against is not capitalism at all, and thanks to globalism which makes easy the business of hiding money offshore and hiding true ownership of corporations within networks of financial entities that exist only in cyberspace it is very hard to hold anybody accountable when things go wrong.
Think back to the crash of 2008 (if you’re not too young,) toxic debt (aka consolidated debt obligations derivatives,) and the sub — prime mortgages scandal that was part of it. In all that malpractice, malfeasance and downright fraud how many bankers or fund managers went to jail for their involvement. I’ll give you a clue, the figure was less that one.

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Opted for comfortable retirement before I was fifty due to health problems and burn out. Now spend my time writing and goofing around. Home: northern England..

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