When the Money Runs Out

[Graemsay]

Stephen King (not that one) has written an interesting sounding book, "When the Money Runs Out".

His thesis is that there are going to have to be cutbacks on living standards and entitlements because growth isn't going to continue at the same rate as before.

Anyway, there's a talk on his work on YouTube. I'm currently listening to this. But it might give a (somewhat bearish) view of the future.

http://www.youtube.com/watch?v=GnfmJSGmjpk

And a short QA session about his book.

http://www.youtube.com/watch?v=jA0SV0IQo38

 

[Piston Broke]

Just look at South EU, it's happened before.

 

[willair]

Not information for the fragile minded,that's why modern deficits always blow out larger then they are planned for..

 

[Deltaberry]

There will always be money as long as there is productivity. Money is just legal tender. Without productivity, having lots of $100 notes is pointless - what' there to buy or sell?

 

[VYBerlinaV8]

There will always be money as long as there is productivity. Money is just legal tender. Without productivity, having lots of $100 notes is pointless - what' there to buy or sell?

This is a very perceptive comment. Tried to give you kudos but have to give it to others first...

 

[gooram]

This is a very perceptive comment. Tried to give you kudos but have to give it to others first...

It wasn't perceptive at all, all he did was judge a book by it's cover! How do I take kudos away from both of you?

The book isn't about money running out, of course there will always be money (or some form of currency), it's about "the end of western affluence".
It tackles how the pie is more evenly distributed to a growing population with diminishing resources.

 

[MTR]

Stephen King (not that one) has written an interesting sounding book, "When the Money Runs Out".

His thesis is that there are going to have to be cutbacks on living standards and entitlements because growth isn't going to continue at the same rate as before.

Anyway, there's a talk on his work on YouTube. I'm currently listening to this. But it might give a (somewhat bearish) view of the future.

http://www.youtube.com/watch?v=GnfmJSGmjpk

And a short QA session about his book.

http://www.youtube.com/watch?v=jA0SV0IQo38

Saw this some time ago, bores me to tears, not something that interests me whatsoever, not going to make a difference to my life.

 

[Colin Rice]

Haven't watched but if he is right then deal with it at the time, until then keep living and enjoying your life.

Doomsayers annoy me no end and just add to peoples fear with out doing anything about it!

 

[Intrinsic_Value]

Saw this some time ago, bores me to tears, not something that interests me whatsoever, not going to make a difference to my life.

ah but it potentially does have a very big impact on your future financial well being, especially if your 'get of jail' financial freedom dream is residential property that appreciates into adfidium to pay off the loans.

 

[BayView]

Doomsayers annoy me no end and just add to peoples fear with out doing anything about it!

Doomsayers have a place - they help the rose coloured glasses folk to possibly evaluate what they are about to do and look more closely at the risks and then act accordingly.

It is our job to question what they are saying too, of course.

I do it every single day with my kids - "be careful!" be careful!" No; you can't have that knife!" "put your bike helmet on!" "don't sit on your sister"...

and other "party-pooper" things.

 

[Scott No Mates]

someone should blow those naysayers up.

in the conference that I attended today the cba senior economist was even more positive than last year. government debt is less than 10% of gdp compared to rest of the world we're laughing

 

[Terry_w]

I have a related question - can everybody be rich?

 

[Singo]

I have a related question - can everybody be rich?

If all are financially free, who are going to do the works?

 

[Terry_w]

If all are financially free, who are going to do the works?

Good point - but rich people work too!

 

[lyndon01]

If all are financially free, who are going to do the works?

The same that have been replacing human jobs for the last .... years. Machines (computers, robots, etc. etc.).

 

[Colin Rice]

I have a related question - can everybody be rich?

I believe so, we are surrounded by abundance.

Rich is also a multi dimensional concept

 

[VYBerlinaV8]

I have a related question - can everybody be rich?

It's a matter of perspective. Most of the world would consider themselves crazy rich if they could enjoy a middle class Australian lifestyle.

 

[ok180]

I have a related question - can everybody be rich?

Its something to aim for i guess but really, five minutes after your dead who is going to give a $hit? While your alive you can only eat off one plate at a time and $hit in one toilet at a time so live your life and dont focus too much on material wealth is what i reckon.

 

[Tony3008]

The same that have been replacing human jobs for the last .... years. Machines (computers, robots, etc. etc.).

But they've yet to invent a machine that will wipe geriatric bottoms, and if we were all rich I can't imagine too many wanting to do this. What actually happens, as seen in the Gulf States, Saudi Arabia etc is that you end up having to import loads of third world immigrants to do the jobs no one else wants to do.

 

[lyndon01]

But they've yet to invent a machine that will wipe geriatric bottoms.

It may not exist now, but I think it is almost ridiculous (barring major disasters) to think that this is not a possibility within even the next 20 years or so. This is why the world will need to start thinking about reducing/reversing population growth to improve quality of living standards as manual labour jobs are increasingly automated.