A recent observation by Warren Buffett that the babies being born in America today are the luckiest crop in history. It was his and my generation who were the luckiest — coming along in the wake of WWII, when the U.S. stood astride the world. Opportunity was abundant for anybody who had even the slightest modicum of ambition and was prepared to put in some effort.
However, we and the generations after us have left an absolute mess for the children being born in North America today, and I believe it will take decades to sort this out. I really am surprised that a person of Warren’s intelligence would make such an insensitive and patently false remark.
In fact, I totally agree with Egon von Greyerz when he says that this will be the biggest wealth transfer in history. And the money being lost will be from those holding paper instruments, and it will be won by those holding real things. To me that is an absolute self evident and it’s just in the early stages of starting to unfold.”