The Biggest Wealth Transfer in History is Upon Us

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The wealthiest generation in history is starting to retire, and die.
In doing so they will be responsible for the greatest wealth transfer in history, as they pass along a collective 30 trillion dollars to their beneficiaries over the next few decades, just in the united states alone.
That kind of capital movement is going to have some extremely significant impacts on the economy some of which we are already starting to feel.
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[@EconomicsExplained]

Sign-up for Acorns! 👉 acorns.com/ee?s2=HISTORY1 (upon registration, Acorns will deposit $5 in your account to help you get started with investing!)

[@misterpopoman9180]

the link doesn't work they haven't updated their security certificate for a year

[@taccntb4345]

Boomer destroyed the world... And Acorns is !@#$ tier way to save... Buy crypto (Ethereum). If it's good enough for Amazon, Microsoft, Intel, JP Morgan, Visa and MasterCard it's good enough for us. It's the only future proof asset one can invest in....

[@bradsmithy4380]

Can you do a video on the collapsing velocity of money and Harry Dents threat of massive deflation?

[@mikelivingood7797]

Large business owners are able to avoid estate taxes by using living trusts. Small business owners are not as knowledgeable. This is especially true of farms, where factory farming is swallowing up land which has been in the hands of families for generations.

[@GenerationX1984]

Hearing about people spending money makes me angry. I love having money but hate spending it.

[@jaymagrath2450]

Can we just take a moment to appreciate a guy who actually explains economics instead of whatever the news does.

[@acevaver5425]

Well, that's why the news get the big bucks. Education and propaganda don't usually go hand in hand unless one is reaching into the pockets of the other.

[@QuantumAscension1]

Oh, you mean stoking general animosity for advertisement ratings instead of reporting on information without bias?

[@fort809]

“Green line goes up this month! Everyone party!”

[@acevaver5425]

@@QuantumAscension1 There is no such thing as "reporting on information without bias." Just to give you an example, the video was largely targeted at Americans and the 30 trillion USD. Another inconsistency is how he cited the incompetency of millennials when we have no viable evidence aside from a statistic that 2/3 of private business never undergo a 2nd or 3rd gen, most might I add does not explain the unilateral changes aside from a "reputation" shift.

[@monad_tcp]

wait, why do people still watch the news, nothing important that's happening in long term is ever noticed in the news, only short term trivial things that everyone knows and you only need 5min of reading it the first time to know what's about.

[@robertodaniels3796]

Yeah the biggest wealth transfer to assisted living and nursing facilities

[@kleocatra9675]

yes they got the law on their side for sure. Poor Gen X got totally forgotten again!

[@wes4477]

That's why people who aren't being stupid or stubborn with assets transfer them to a degree before they die. Like giving their kids the house before they die and having a lease written up or keeping their name on the house still. It helps keep things like inheritance tax or preexisting bills out of the picture

[@kyukyu9016]

No wonder.. so many nursing homes deaths in NYC >:D

[@M0ebius]

Kleo Catra You gotta admit though Gen X as a generation is pretty forgettable.

[@anotherrandom5476]

the biggest wealth transfer already happened, its 1% who have a hand in your pocket with private taxes. They own the aged care so they can strip everything and who can't pay ,can die and the statistics can just ignore that. Statistics is politicized to the point its just brazen lying.

[@techguy651]

Based on the boomers I know, I expect a large wealth transfer to the banking, insurance, and medical industries while children are left with assets that aren’t worth turning into cash.

[@Nope_handlesaretrash]

You mean you didn't want the American Girl doll collection or the five thousand Norman Rockwell decorative plates? Kids these days.

[@danielmooney9463]

@@Nope_handlesaretrash So a 1980s fax machine, a 1970 rotary phone and grandpa's naked lady ashtray from 1963 aren't considered priceless antiques? But there old!

[@MrRedberd]

Some mud from Woodstock? That is what the nice man on the phone said it was?

[@darleneatkinson6730]

@@MrRedberd Your comment is so funny. I was laughing. Thanks for the laugh.

[@thestrangegreenman]

​@tinkerbell_fairyNursing won't, but hospital administration really will

[@techman2553]

I don't know about anyone else, but I am just looking forward to working really hard everyday of my life, then dying broke.

[@bruce5868]

Keep voting for corporate neoliberal globalists. Maybe if it's a woman, things will change.

[@cooganalaska3249]

Actually your's is not a bad plan... if you retain your health to enable you to work til you drop. I have a lot of accumulated wealth but I won't be able to take a penny with me when I go.

[@ryanalexander5438]

This is actually my plan. I find purpose in working hard and hope I am able to do so until I die.

[@gohanssj48]

At least we will have Netflix, they say...

[@cliftonbanks5590]

Great strategy. Sort of like taking it with you.

[@jordanmcelroy8167]

1929: The Great Depression 2008: The Boomer Bubble 2020: The Big Sad

[@bluemountain4181]

2020: The cough that was heard around the world

[@DaPoopIsInDaPudding]

Blue Mountain the bogeyman19 fear for no reason around the world

[@AlneCraft]

@@DaPoopIsInDaPudding sorry can't hear you over 180000 confirmed deaths.

[@aygwm]

Freaking boomers!

[@benjaminr8961]

@@AlneCraft "confirmed" meaning people are claiming the deaths. A person who shot himself in the head in the US was "confirmed" as a covid death. Hospitals are incentivised to claim a death as covid caused or related.

[@callowaymotorcompany]

Wait, you guys are getting an inheritance?

[@mattbowdenuh]

Yes, I'll be inheriting my father's debt and poor decisions....

[@taowang9735]

Trackstar35 I’m thinking if your dad uses credit card to buy you some expensive staff before he goes, you don’t you need to pay, right?

[@philiposborne982]

@@taowang9735 depends where you live. Credit card companies probably look at how long their customer is expected to live

[@philiposborne982]

Not if my step mum has anything to do with it. My dad's so dumb he doesn't realises she loves his money not him. Obviously as a psychopath she is incapable of the emotions normal humans feel. Honestly she's like a permenant dose of poison in my family. Brother dead, dad brainwashed and she and her family have been working on killing me off as well. Nice people, honest... (pack of jackals).

[@taowang9735]

Philip Osborne is that real? Just leave the house then. Don’t even look back.

[@Elsureel]

I like how they think this money will go to millennials, everyone seems to forget that gen X is in between and will be the inheritors first.

[@Elsureel]

@Luís Filipe Andrade Did they say why they thought a generation would be skipped of inheritance?

[@chrishart8548]

Many gen X are relying on inheritance for retirement. None of us could could afford the kids we choose to have and we were already priced out of housing

[@darth3911]

Chris Hart true but you can’t relay on inheritance for retirement the way your supposed to do it is from each paycheck you save a given amount and that goes to your retirement that amount is up to you

[@cryptoberto8077]

Cryptocurrency... do some research and thank me later

[@chrisjoondeph4781]

It depends. I’m a millennial and my parents are boomers. Gen X may have parents older than boomers. Typically the kids of one generation skip a generation if they’re narrowly defined

[@klank67]

It should just be called the Boomer Bubble. They got the best of everything and dumped the bill on future generations!

[@cynthiaayers7696]

Blame that on Nixon in 1971 he took us off the gold standard. The buying power of a dollar right now is about 98% less than what it used to be.

[@imperatorcaesardivifiliusa2158]

@@cynthiaayers7696 no lol

[@capitanvonchickenpants8492]

Work harder and stop bellyaching

[@NikosNtemkas]

@@capitanvonchickenpants8492 Working harder most likely will not solve one's financial problem .

[@BenSmith-cm8oc]

@@capitanvonchickenpants8492 i am going to assume this is sarcasm.

[@mattbowdenuh]

Largest wealth transfer in history, yes. Personally, I it's costing me money and I won't see a penny. My father saved nothing; I pitch in to help him with his bills, and he will be in debt until he dies. There were many years when his company made over $100K annually, he just never saved anything for tomorrow and tomorrow finally came. Naturally, he complains that social security isn't enough for retirement, and I try to remind him it's only supposed to supplement the money he saved for his own retirement. But then he just gets angry like a child, and I find the utter lack of responsibility amusing at this point.

[@KingDomIV]

Hes angry cos he raised an idiot.

[@NUCLEARARMAMENT]

@@KingDomIV Why is he an idiot?

[@kchuk1965]

Dom Yelin it sounds like the father was a boomer idiot.

[@AEdeathparty]

If his business grossed 100k, your Father wasn't making any money out of the company and his bills are from him working his life to give you something. Maybe having retirement plans involve holding money outside of spending (which inherently hurts a system that relies on spending) is a bad concept for capitalism.

[@mattbowdenuh]

@@AEdeathparty Well it wasn't gross, that was after expenses. And people's retirement savings are theoretically supposed to be used in capital investments for corporations for R&D and productivity increases. If you don't have (or aren't using) capital to invest into productivity or R&D, then the whole economy just flatlines. And lord knows a lot of that money is not used for capital investments....

[@tylerhackner9731]

Imagine not inheriting a recession

[@EconomicsExplained]

inheriting a big sad**

[@acevaver5425]

Great Depression* Fixed it.

[@QuantumAscension1]

I know. crazy, right?

[@monad_tcp]

@Shane Lackey yes, because I'm a contractor and fix my rate on the value of gold, even thou I earn in USD

[@intergalacticdegengypsy6135]

Imagine leaving the world worse than it was left to u

[@masterimbecile]

9:29 We have a saying in Chinese: "富不過三代 (fu4 bu guo4 san1 dai4; wealth doesn't go past 3 generations)"

[@t.b.a.r.r.o.]

I've seen it. Grans built an awesome farm, lake, summer cabins business. Their kids helped grow and maintain it. The grandkids jealously tried to underwork and over spend eachother. The taxman took the business and turned it into a big hospital, and a big public park.

[@georgehancock2307]

Depends on how many kids someone has and how the estate is broken up

[@nomnomnomnom6773]

We have the same saing in germany. Its the same everywhere

[@q.e.d.9112]

@@nomnomnomnom6773 “From riches to rags in three generations.”

[@nomnomnomnom6773]

@@q.e.d.9112 thank you but germans talk german.

[@pollysey6577]

Generation X has seen 3 major economic downturns in their lifetime, starting from a position of no money.

[@TheGargalon]

Gen X are born after 2000, don't you mean millenials? EDIT: Nevermind I got confused with gen Z

[@robcab3725]

Gen x AND millennials

[@49wire30]

Just wait till you see the Great Reset...

[@jc.1191]

Yup. Anyone entering the job market at those times have it pretty bad on average.

[@invertedv12powerhouse77]

@@TheGargalon gen x is 1970s dude. Your talking about gen Z (zoomers)

[@kaen_tqk3918]

If EE does a face reveal, I won't be surprised if it was an emu with glasses.

[@k98killer]

His ancestors no doubt fought valiantly in the Great Emu War.

[@thepepchannel7940]

k98killer On what side is the question

[@sebastiencarrieres8825]

@Max K So, you confirm? Emu related?

[@agoogleaccount2861]

I was thinking maybe a pug wearing spectacles and a suit ?

[@angelocastacio7799]

Thank you, I will permanently imagine EE as an emu with glasses. Even after a face reveal

[@EconomicsExplained]

Now I don't want to hear any jokes about the boomer remover! you guys are better than that...

[@Rhyzhang]

What about our social security

[@nickdimopoulos4052]

ok boomer

[@sirwizzard4649]

No we aren’t

[@nigletthediglet4891]

I want to hear more streams. Last one was great. Where’s the next!?

[@Dango428]

Or are we?

[@fauzirahman3285]

I'm a bit on the fence about the inheritance tax. On one hand, I can see places like Japan where some family owned businesses have lasted hundreds of years being passed down generations, and also parents being able to hand down some things to their children to give a leg up, but on the other hand, I also fear the idea that some families might grow their wealth so big that in a few centuries, they basically own most of the wealth, with no chance for other people to get a leg up.

[@flameking2178]

You do realize wealth can be created right? It's not a zero sum game. Especially when you factor in technological advancement and free market competition.

[@PhoenixAngel429]

In Japan their honor is tied to keeping that business going. Here, the kids might not think the same.

[@JRudy17]

If you really care about estate tax, start now with annual gifting. Every year you can give your beneficiaries over $10K tax free. There are provisions for unlimited transfers for things to like medical bills

[@OmniscientlyMe]

Mind you, almost all of that wealth is controlled by an extreme minority of families.

[@meorme6603]

1%

[@jaxonv2098]

With tiny little hats

[@Blake.Spider]

A katana and some training is all you need to fix that

[@lukaskettner3597]

Oy vey

[@MrRedberd]

@@Blake.Spider You mean a guillotine and an angry mob, if the Trump supporters realize the billionaires have been screwing them, this could happen...

[@unintentionallydramatic]

Last time I was this early the WHO still denied person to person Covid transmission.

[@EconomicsExplained]

the WHO. they were big in the 70's

[@unintentionallydramatic]

@@EconomicsExplained Mostly in marketing.

[@slyseal2091]

Whenstforth'st've'te'en

[@beback_]

@@EconomicsExplained The economics of Rock bands!!!

[@reedi138]

The WHO didn’t “deny” p2p transmission. They said there was “no evidence yet”. Wuhan covered it up. Xi went public with it. Experts in TW and HK knew there was p2p in early Jan. After all, SARS was p2p in 2003 so why wouldn’t version 2 be in 2020? I know it was a joke 呵呵 but we really should be careful about these jokes because they might cause a war. There’s some pretty narrow minded leaders about these days.

[@ds89421]

EE: reckless investments are bad, investors should take their time to think what they invest in, or we're screwed Also EE: here's an app that will invest automatically for you into some portfolio you don't even have to think of

[@charlesuzozie5747]

Reckless investments = investigation all your money into one business. Could win it all or lose it all

[@nicokart6632]

I'm just trying to gain a better understanding, but if the app does it for you, wouldn't the "experts" that control the app do it for you? So then it wouldn't be as reckless as regular folk doing bad investments.

[@acey457]

@@nicokart6632 theres is no optimal decision. no amount of experience will give you certainty over economic trends

[@mrashford122]

Haha! Best comment on this channel!! This economics channel is the worst. Preaching kanyeism while gold and silver are breaching the doors and sending shockwaves through there foundations.

[@joh_manni7903]

When you see Americans try to save then you know something is wrong.

[@MmTriplem]

"Society doesn't owe you anything" - Boomers

[@thebiowatchlist]

Because it owes us everything - Boomers

[@yodude8932]

Im not a boomer I just like the comment

[@YawehthedragondogofEL]

"Lets just borrow and spend and never pay it back." - also Boomers

[@TarsonTalon]

They don't know just how right they are.

[@jomo4435]

Penny saved a penny earned haha

[@Brian-ct9ps]

"Chaos is a ladder" you know there's trouble coming when you quote littlefinger LOL

[@colliwer]

Imagine inheriting anything but a shattered global economy and actively unraveling global ecosystem.

[@EconomicsExplained]

big sad.

[@shadoninja]

LOL

[@alchemist6819]

@stockart whiteman we need to go into space.

[@QuantumAscension1]

@stockart whiteman Given how resourceful we are, we'll be living in sealed domes long after we've turned the Earth's surface into a lifeless husk... or, at least the wealthiest of us will be.

[@alchemist6819]

@stockart whiteman but if you think about years coming, we have at best a millennium left after that we need to shift bulk of the HUMANITY.

[@chrissytheconqueror7049]

I live in Germany and the problem with taxes on inheritances forcing the owners to sell of their business has been solved quite nicely here. If your relative who dies owns a family business below a certain value, you can basically use a "do not pay estate tax on a business that you inherit" card once and only once in your life. This is pretty great, as it doesn't benefit the super wealthy but protects the "German Mittelstand", meaning small to medium-sized companies.

[@OccupiedMuffins]

I love the actual explanations, a tasteful and insightful ways of explaining somewhat touchy subjects that are nonetheless extremely important

[@Allride_]

I like the classical music in the background throughout the video. It's also set to the right volume

[@icaro829]

Tl/dr: we'll still be poor somehow

[@tulmulzjakmumlj]

Thats because you are not part of capitalist class that this wealth transfer refers to.

[@TheJaredtheJaredlong]

"Selfish Boomer policies keep hurting younger generations. It'll stop when they're dead!" Boomers: "Hold my casket"

[@tulmulzjakmumlj]

@ww ww expecialy nature of capitalists.

[@tishafeed8085]

@@tulmulzjakmumlj oh noo capitalist bad, they provide service and ask to be rewarded for it reeee you must do it for freee reeeeeeeee :''((((((((((((((((((((((((((((((((((((

[@tulmulzjakmumlj]

@ww ww capitalism failed many more times than communism. People just dont talk about failed capitalists states.

[@briannagoodwin5001]

Love how avocado toast was thrown in there lol

[@docogg50]

I keep hearing "Figahs" in my head every time I hear the word "figures" in day-to-day life, lol! Love the series, and it's made a lot of concepts I am learning as an Econ major easier to grasp thanks to the way you break this stuff in accessible language!

[@sm-lk2xz]

most family run businesses collapse before the third generation. My theory is the idea that has taken off is that if you send your children to school, you don't have to do any actual raising of your kids anymore. So many kids are screwed by this mentality nowadays! A kid doesnt know something they weren't taught. But they will be labeled for that lack of knowledge

[@WineZ22]

Chaos is a ladder. Ahh, I heard that sentence again. Remembering Little Finger. Thanks for the video.

[@EconomicsExplained]

you are welcome mate, hope you enjoyed :)

[@PritishPrabhu]

@@EconomicsExplained Haha, same here. Great reference to Game of Thrones. Also makes sense considering that the USA rose after the chaos caused by WWII. Ofcourse at the expense of the old world order (UK, Germany, France) Makes you wonder if the new chaos is triggered between USA and China via trade war and their proxies (India, UK, Australia, Japan) are embroiled in it, who would benefit out of the chaos. Perhaps, Germany and Russia could emerge stronger from the upcoming conflicts and set up the next new world order that will dominate the world.

[@BlaBla-jj6sh]

"Yes, chaos is a ladder. You say that as if you were the first to come up with that notion." -- Tywin Lannister, the _real_ badass of Game Of Thrones

[@amaizeing.dumbass5123]

Chaos is less of a ladder, and more like a rock climbing site. For climb something, you need the right equipment, knowledge of the area, limb and finger strength and dexterity, very good stamina, and an overall sense of alertness in case something goes wrong. But if you reach the top of that rock, you will have a sense of accomplishment for your hard work and also a beautiful view of your surroundings.

[@dr.wahnsinn9913]

@@PritishPrabhu We are always ready. xD Remembers me at a Video about a German exchange student in the USA and the Teacher asks him About the German Dream: "Yes, once we had a dream, but the world don't liked it." :D

[@thedoruk6324]

This means we all going to see Millionaire Cats from all the Cat Ladies... :I

[@EconomicsExplained]

Lets be honest even the middle class cats live better than you or I.

[@thedoruk6324]

@@EconomicsExplained Exactly and Depressingly :S

[@QuantumAscension1]

Its just more proof to the cats inevitable enslavement of humanity, Futurama-style.

[@sw7314]

@@EconomicsExplained sad but true

[@hansonel]

@@EconomicsExplained A certain KZbinr's 7 cat's live better than most people. Something is wrong when you're jealous of a bunch of cats :/

[@aaravbanerjee6241]

Well this is pure gold and if this handover either gets to you one way or the other then you should invest so you can also have wealth to handover. Painful truth ⚠️

[@margarettasanjay2718]

What type of investment can generate that much wealth, I’m willing to invest but with little to nothing knowledge on how to start or what to start from. Any form of help will be appreciated.

[@aaravbanerjee6241]

You should start by investing in Stocks, ETFs and probably diversify your portfolio like I did mine across digital currencies and currency pairs working round the clock with my F.A Eddy Bruke, you can look him up online in your search engine or

[@aaravbanerjee6241]

Eddybruke . Info

[@veniminsurance3260]

The power of compounding money and even habits are much more powerful than people think. All of your small wins becomes big wins over time, keep your foot on the gas pedal and keep investing.

[@rosariadesantos5116]

The only way to retire early is by investing and saving, cutting down expenses and grow in assets

[@andyongames]

I just found this channel and if I hadn't already subbed the "OR AT ALL" would have done it. For whatever reason, it hit me just right and I had to pause the video and giggle for a few minutes. Really enjoying the information and presentation.

[@ColonizerChan]

Imagine most of the money just ending up in some debtor’s hands. Truly sad

[@gearoiddom]

Wait - if they are debtors then the money is rightfully theirs, or am I missing something?

[@johnberk9315]

@@gearoiddom i think they meant "creditors"

[@MannFace51]

And then some overworked young guy invents the ‘Not-Dying’ machine and we never see a cent

[@companyoflosers]

if we could live forever, there would be bans on new births put into place. the world would be thrown into chaos with overpopulation otherwise. it also pretty much guarantees statistically that everyone would eventually die horribly because if you cant die from old age or disease, the only option left is to be killed by unnatural causes like murder, accident or suicide.

[@mosef312]

@@companyoflosers makes me wonder whether life insurance providers would flourish or perish. I can see it going both ways.

[@laurencefraser]

@@mosef312 apparently they ran the numbers on biological immortality (that is, no one does of old age) at some point... Humans still almost never live longer than 500 years simple due to random mishaps. Probability catches up with them by then. And that's assuming the human brain can be made to actually function properly for that long, for various reasons, other wise you end up with various flavours of insanity pulling the number down.

[@Mythhammer]

@@andrewbavaro9015 Depends on what you believe happens afterwards...

[@MannFace51]

Bavz idk, ask the boomers

[@Get2ItTV]

I love the Downtown Cincinnati view with the bridge and the Great American insurance building. U can kinda see GABP Let's Go Reds..

[@day1marketinginc.282]

Facts! The Wealth Transfer is very much alive. Great Content 💪 We Must Be Ready!

[@D4PPZ456]

That feel when your boomer family members look at you as their retirement fund and not the other way around.

[@JollyOldCanuck]

Well, at least they'll be out of the workforce. Might make it easier to get promoted.

[@marymacdonald2379]

I am a boomer, 71, and will be leaving money to my 51 year old son. Not all boomers forgot to plan for retirement.

[@dasbubba841]

We, traditionally, that was how things were. Elderly were cared for by their children.

[@kazansky22]

@@marymacdonald2379 Wish there were more boomers like you.

[@ameyskulkarni]

That's actually the natural order of things. These guys birthday, raised and fed you while you were young and helpless, and you can't even spare a single thought for them when they get old and helpless? I feel sorry for your parents/grandparents.

[@Mufcforever-sl2gf]

One thing I would be concerned about when you were talking about how a lot of business fail when they are passed on to the next generation is when the boomers pass on there businesses how many of them provide modern enough services that will actually be sustainable for the future. For example if a boomer passed on a book store there isn't a very good chance that they will exsist in the future but because the child wants to keep their parents business going they will try and keep it afloat likely using loans and therefore will likely get into bad debt

[@josuejeangilles5352]

It the new generation to modernize it.

[@Solid_Snake88]

Basically it’s boomers that killed the business not innovating

[@josuejeangilles5352]

Solid_Snake yes but it millennials jobs to innovate. Let’s say ur parent own Ford it ur jobs to innovate and start making ev car and compete with Tesla.

[@BeastinlosersHD]

Usually what happens in these cases is: the children liquidate or one of them has been groomed, and like their dad and mom, has a passion for books and is willing to take over a usually paid off book store. Or it falls to a manager thats been there a while they can hopefully trust, and the kids get checks in the mail

[@cristianromo2441]

I would say get rid of the books that aren't that popular and keep some good ones, and turn the bookstore into a cafe where people can go relax, drink coffee and read or do work. I've seen a few coffee shops like that in the US and México and thought it was a neat idea. You just have to modernize and adapt to the new time

[@jackmarkelon5986]

Thank you for using a shot of my school, Western Connecticut State University when you were talking about student debt

[@businessguide6219]

Glad I found this channel! Your videos are so good!

[@Quickonomics]

An important aspect to consider is that before all this wealth is passed on to the next generation, a significant portion of it (e.g. stock market investments) will have to be liquidated to finance retirement. This could cause extreme selling pressure on the stock market, which may even put an end to the story of ever increasing stock returns...

[@alvaro8914]

Time to invest in crypto... #hodl

[@johndohe1146]

@@alvaro8914 To the moon!! 🚀🚀🚀

[@andrewhenley2161]

I think most that have their retirement in equities (stock market shares) have a significant portion in dividend paying shares so they don’t have to sell their shares, just start taking the dividend payments as cash instead of reinvesting them.

[@PritishPrabhu]

But just because someone is into retirement, it don't mean that all his stock market investment will be liquidated at one go. It usually happens gradually over a longer period of time and also depends on other factors like inflation. This is where manipulation of interest rates by central banks come in. They can always keep stock market prices going up like is currently being done by the Fed. Ofcourse all this will eventually cause long term damage. But then in the long term we are all dead, right? 😅

[@LarsRichterMedia]

@@PritishPrabhu Your last sentence is what every single human being concludes once the challenges of their lives are getting too big, complex or long-term. We're playing such a sophisticated game in a chaotic universe with limited time and computing power in our skulls that ultimately we can only find a true resolution of all of this within the knowledge of our own deaths. It's astonishing how big and nutty our game has become.

[@bluemountain4181]

Medical science keeps advancing allowing people to live longer. I wonder how much of that wealth will be spent by the retirees on healthcare and not left as inheritance.

[@briansmith9439]

The US, that 'longer life' thing has bottomed out - the average lifespan has decreased in the stats I've reviewed in 2019 and 2020.

[@quentinrequier8272]

People living too long will ruin the economy and society as a whole people won’t have enough kids to take care of the old and they’ll rot alone while the few young people around will feed off of whatever they leave behind.

[@ixlnxs]

@@quentinrequier8272 That's because the American system is based on perpetual population growth, which is unsustainable, as every American in a traffic jam knows even before he has to pay for his ever-dearer gas...

[@oldskoolmusicnostalgia]

That's it. The assumption that one generation is going to hand over a massive amount of wealth to younger ones loses any credibility when you consider that increasing life expectancies = fewer savings left behind. Also to the poster who says life expectancy in the US isn't increasing: that's only true of the US though. Worldwide it is still increasing to crazy levels.

[@sagacious03]

Neat explanation! Thanks for uploading!

[@luxuryexpress9506]

Can't wait to make a follow up video in 5 years about this topic. Great information.

[@MrTilldaddy]

My family is going to have this exact problem. My family farms but no one in the next generation wants to run it. My parents own about 1,000 acres of farm land that my two siblings and I will have to either liquidate or rent out once they pass. This doesn't even factor in the equipment that will have to be liquidated (which will probably be liquidated after my parents retire).

[@bettycooper369]

There's a pretty big movement of Millenials and Gen Zers aspiring to grow their own food on their own farms. One idea would be to modernize it by splitting it up in land plots, renting them the equipment and create some sort of self sustainable village for the younger self sustainable generations. Tiny house movement meets the self sustainable movement You can thank me later

[@manictiger]

What a bunch of soyboy losers. I'd kill for a farm. LITERALLY. I'd KILL for a farm. Gimme dat land!

[@TwoDollarGararge]

@@manictiger maybe they just want to take a different route in life there's nothing wrong with that there's a reason people got away from farming it's not for everyone

[@manictiger]

@@TwoDollarGararge They got away from farming because machines and a fraction of an acre could feed an entire family. You barely have to do any work these days. Self-watering, couple days a year worth of harvesting and reseeding... Our knowledge has made it difficult to lose crops to plagues. It's almost more about learning than it is about working. Also, our complete lack of physical labor is directly tied to the testosterone deficiency epidemic. So, ultimately, doing what you "want" may create the worst possible outcome for you in the end. And all for what? So you can get a pentakill in a game that won't exist in a few years?

[@TwoDollarGararge]

@@manictiger and if you want to feel more like a man workout every morning gives you a confidence boost like no other

[@themongolsarecoming_9437]

Ah yes , Beanie baby collection , my favourite asset .

[@rvahi]

Buy bitcoin

[@KAZExNOxSAGA]

@@rvahi And hodl

[@lazergurka-smerlin6561]

@@rvahi Well it can be fun to gamble bitcoin yes

[@manictiger]

Bottlecaps are the future.

[@JBidensucks]

@@manictiger im rich !!!

[@downunda107]

Excellent viewpoint to consider ! ThankYou .

[@ianmcne5727]

@12:24 John's Pizza, West Village, NYC! I am a block away and now you've got me craving a slice...

[@suchender801]

This reminded me of Samsung situation. The grandson of current head of Samsung needs to pay inheritance tax when he does in cash, but the company doesn’t have that much cash. So, the company keeps the health of the head of Samsung a secret. Pretty funny and sad situation I guess.

[@Looo0007]

it will ruin not only the company, but also the entire south korea, as samsung generates a big portion of the country's GDP

[@louisazraels7072]

@@Looo0007 bullshit, the company need not pay, he does, he could just sell some of his shares, I'm sure he'd find many buyers for a good price, but they dont want to because it has to stay in the family (chaebols are some of the biggest family run companies in the world). There must be some intense lobbying going on right now in order to lower inheritance taxe.

[@jd-uz1ln]

@@louisazraels7072 yeah cheabols are that big because Korea wanted them to be so they will 100% find a solution.

[@SurmaSampo]

@@louisazraels7072 He would have to sell the majority of Samsung's shares at firesale prices which would potentially collapse the company and may not even be allowed under Korean financial regulations and the majority shareholder contract. They may in fact have to sell all the shares to pay the 65% tax as the price will dive with such a large sale. I am sure the family wanting to keep their power and wealth plays a big part here but selling a controlling stake in a publicly traded multinational isn't that simple.

[@captainblacktail8137]

@@SurmaSampo they will likely borrow against future earnings, either the company or the head.

[@MisterFro9]

I rather enjoy the smashed avo references - it's nice watching an Australian KZbinr

[@EconomicsExplained]

Haha I think it is a global thing now TBH, but it's good to know we still export some kind of intellectual property. even if it is smashed avo memes.

[@Croz89]

I make it at home all the time, so I can be a millennial for a much lower price!

[@stevenodland]

Economics Explained keep it up....u might be able to create an avocado bubble akin to the Dutch tulip speculation of the past.....lol

[@TrebleSketch]

Aussie here... Never realised he's Aussie! Haha! Nice to see more Aussie KZbinrs out there ngl

[@Lucy-ng7cw]

Treble Sketch you didn’t notice the accent lol?

[@TheShlongman]

There definitely is a real issue here, as on the one hand wealth taxes are going to be extremely important for governments to be able to afford rising pension and healthcare costs of ageing populations. Not to mention the massive amount of wealth that is held up could really ease government debt as well as provide stimulus for younger generations which haven't had as stable job markets. But on the other hand, I worked hard for my money so that I could provide for my kids and give them a good life, why should this me taken away from them?! And who would vote for governments that vow to take away that inheritance from their own children?

[@scottyc6700]

Great video, thanks!

[@johanandhira5429]

Yeah, there's a tax for that

[@mattbowdenuh]

Not even in death can you escape your final tax...

[@evannibbe9375]

Trackstar35 More like taking your money from your cold, dead hands.

[@anotherrandom5476]

yea private taxes are ok, but government taxes bad. Moron.

[@quentinrequier8272]

There’s private taxes now?

[@andrewbobb3170]

Gotta give the government as much money as possible to waste.

[@digimanga]

This is gonna be a great time to get into the funerary business

[@IncredibleMet]

Over my dead body

[@michaelboyes5849]

I am literally just finishing up my internship to get my Funeral Directors licence. It is pretty sweet. The world is my oyster, so to speak.

[@philikesete]

Thank you for the Enlightenment!!!!

[@PIRAKAS666]

I like how its only boomers and millennials and no one ever remembers about the Gen X which are parents to majority of the millennials.

[@thebiowatchlist]

We are the middle children of the generational birth order.

[@jc.1191]

Yup. Totally forgotten, lol.

[@emoxchickx21]

Depends on who you are I suppose. I was born in '90 my parents are baby boomers ('50s)

[@dandarr5035]

i'm early/mid gen z and both my parents are late gen x. So yeah, I think it mostly depends on who your parents are and when in their lives they decided to have kids.

[@gchdufdi]

Lol no. Gen x’ers are way too young to give birth to millennials. Most millennials have boomer parents. Gen x represents the majority of Gen Z parents

[@QuestionEverythingButWHY]

“War does not determine who is right - only who is left.” ― Anonymous

[@Dango428]

-Bertrand Russell (most likely)

[@lemonade2473]

😭👌 mixed emotions about that statement

[@tengkualiff]

weird that i learnt that from CoD lol

[@thelouster5815]

Good thing I’m left leaning. ;)

[@andrewhenley2161]

History is written by the victors.

[@Mythhammer]

I'd be fascinated to see a video on the economics involved in Locking Down the World. The extreme impact of mass unemployment, loss of medical coverage, the outright destruction of entire business sectors, and supply chains would be quite enlightening.

[@oldskoolmusicnostalgia]

Ah yes. A massive experiment which does not actually get rid of the virus, financed by debt which will be handed over to...the same ones that have already been screwed over time and again!

[@Mythhammer]

@@oldskoolmusicnostalgia exactly. Governments have nothing that they don't first Take from the present or the future.

[@ellijay1961]

The biggest "Wealth Transfer" in history so far was in the great depression, Normally the term "greatest, or Biggest" Wealth Transfer" is used not for families, but for the transfer of wealth from the middle class to the upper class,. When the transfer is complete or near complete, the upper class and Government eases the laws and restrictions so the middle class can start rebuilding again for another cycle. History has shown this tine and time again.

[@Articulate99]

Always interesting, thank you.

[@jorger1818]

Wow, this is weird, I live somewhat near that closed Kmart at 3:01...I didn't think something that familiar to me would show up in a reel of stock footage.

[@berryberrykixx]

He had a video up here a few weeks back with some basic stock footage and one of the images was from a small town in Germany that I wouldn't have been able to pick out of anything had I not been there myself. I was a part of a goodwill Choir and Band from Bowling Green, Ohio. 150 choir members, 150 band members. We all had to be nominated by our respective teachers in HS, then we all had to go through 3 rounds of auditions. The top scores for each little grouping were chosen (like in a choir, it was broken down into 4 groups, each into 37 members, with one additional member in the "difficult" areas, Altos and Tenors, because we don't follow the melody, we only enhance it). Anyway, long long story short, I made it through, I had my choice but I chose the alto section since that is where I was most of the time in high school, and I was also made the head alto over my section. I was incredibly honored. Even more now because that group no longer does European touring because of 9/11. I was in the last group, summer of 2001, to go to Europe. And out of 7 countries, through huge cities and tiny towns, that little place in Germany was the only place I truly did not want to leave. It was Rothenburg ob der Tauber, Bavaria, Germany, and the only reason I picked it out of a series of stock images is because of a guard tower and wall far in the background.

[@duncancampbell6835]

@@berryberrykixx I so miss touring with the choir. I think the last time I had that privilege was in 1985 with the San Francisco Boys Chorus touring Russia, Poland and Hungary before the fall of the Iron Curtain.

[@Sparticulous]

99.9% of that wealth is owned by less than a few hundred people. Those with wealth problems are not included in thad and the USA economy will still stagnate from money hoarding by that 0.1%

[@mrleafbeef634]

One who controls the money supply, controls the people. - Henry Kissinger

[@Gideonrex1]

@@mrleafbeef634 For real. The idea that America's economy is mostly dependent on the average consumer is a myth. It's pretty much entirely dependent on a few ultra wealthy elites. Go read Citigroup's leaked memo on America's plutonomy.

[@redditor7548]

MrLeafBeef Nathan Rothchild said the same thing. “I care not who sits on the throne, let me control the money supply and he will be my puppet.” Something like that

[@yahyoubetchaa]

Harsh truth. Even if we get $1 million inheritances from our families, it's chump change compared to these billionaires, so we'll all be powerless

[@jonarauzo]

No trickle down, and the hoarded money could have been taxed so that the massive debt of the US is paid off sooner. Let's face it, the top 0.1% don't want to pay taxes because that will only provide financial assistance programs for the poor and less fortunate.

[@patmcn9854]

Great vid as always

[@redfro4992]

Luv the drone footage.

[@fernandoreynaud2893]

When you say: Well... And then an obvious thing, it spices the video so well You create a "Now everything makes sense" moment Great work

[@Idontwantyourcookie]

Stability is key, someone randomly dying and your business being taxed at 40% of it's value because of it is not very stable even if you planned for it...

[@geojam3663]

Saludos. Desde Ecuador . Thanks for the information

[@kronicmathsdebator7405]

Love your channel and have a fair amount of interest is there a good economics game you would suggest. That would not need the same time input as something like EVE.

[@Wolfimoon]

"Or at all" LOL love it. Was there an investigation of what people spent the money on for small inheritances? As in, you said squander, but are they paying for the funeral? Or falling victim to debt collectors falsely claiming they have to pay surprise debts of their deceased loved one. Any number of decisions that are beneficial to the recipient could be chewing that money up fast in middle to low income households.

[@salokin3087]

I'm surprised you didn't mention Samsung when it came to Estate taxes. Essentially, the company has to pretend its chairman is still alive to avoid $7b in taxes whereby Samsung's booming stocks would suddenly falter and the his kids would lose control of the company

[@eldermoose7938]

so the whole company is reenacting weekend at Bernie's?

[@themartiniguy9840]

I think this pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn't mean security. So l really appreciate your transparency and giving people a Fighting chance during these troubling times.

[@user-tb6qr7cu4z]

That's really true . Definitely a whole lot is gonna change after this pandemic, you don't really need someone to tell you that but sometimes you don't know what you're capable of until you step out of your comfort zone either by choice or by force

[@user-tb6qr7cu4z]

Yet most people ignore that they automatically think they have last part all figured out,and it's a mistake .

[@mrmoneytv7066]

@Stanley Anderson l hope it won't be such a big deal to ask you what you invest in ?

[@user-wi5vg7cp2e]

Very true ! Forex is really a good passive income idea . I have a friend who makes 10,000USD monthly trading the forex market , that's almost 3x salary . I really wish l could trade too and make money like she does .

[@lindasophia9224]

I've been trying to trade in the forex Market on my own for quite some months now and my trade wasn't quite impressing me l deposited $3000 in my first ever trading account and l lost all of it. I always end up blowing my account countless times and I was advised to sought a professional help when Trading . One of the rules to being successful in an endeavor is to leverage on the wisdom provided by those already successfully in the desired field .

[@stevengreidinger8295]

This video provided a lot of great, new information. Focus thinking on the smaller fraction of the $21T, which are $10-20M or larger, active, going concerns where dislocations can occur, which serve a material, social function and which are not just containers for real estate. The heirs in these families should have a bias toward selling the business unless they have clear evidence from independent advisors that they will run it effectively. Our institutions should better support these orderly sales, and heirs should not bond to the work of parents.

[@gunnareinarsson6590]

"Beginning to retire"? Really? As a matter of fact, a majority of the Boomers already HAVE retired. Please remember that in 2020, the youngest Boomer is 60 years old! The oldest, granted they are still alive, are approaching 80!

[@randeep6346]

The first boomer was born 1946, so 74yrs old to 1964, 56yrs old. There is a lag for the economy to feel this... and as time goes on and retiree's start drawing down pensions / passing away, 2020-2030 will see a pivot and Boomers will soon only be retiree's and passing away. Tax burdens of funding state pensions, caring for the elderly will get more expensive just when the workforce shrinks. Between 2012-2022 an older study said over 55's would increase by 28%, 16-24 drop by 13%.

[@crouchingwombathiddenquoll5641]

Hahahaha 57 year old boomer here, still have 10 year's of work to go untill I qualify for the age pension. That's 51 years of paying tax and contributing to our society (started apprenticeship at 16, for those young one's struggling with math) .

[@andrewdunbar828]

Yeah a lot of zoomers seem to refer to anyone more than five or ten years older than them as boomers, as if they don't know what decade WWII was in, or that boomers were born after the end of WWII, end even then it really only applies to the on-devastated western countries. I'm 100% sure our EE man is younger than me. I'm Gen X and my dad is Silent Gen and he is approaching 80. Even back when most westerners had families when they were in their 20s there was a whole generation label skipped between them.

[@MrUnknownuser164]

I don't know...lost of Boomers haven't been able to retire. Part of it was their fault, and part of it was the Recession.

[@philiposborne982]

2020-1945=75 years old. Sorry but five years is quite important at that end of the game.

[@maraudershields283]

Loved the lingering shot of a certain someone’s building when talking about reputation 😉

[@ixlnxs]

I totally missed that, but I assume I already know who that certain someone is?

[@donnyt857]

This is a seriously good episode.

[@s-o-tariknomad6970]

I like how everyone forgets GenX exists.

[@thebiowatchlist]

@Zenkeef This is ELL-AAH

[@PeteBogg]

Dakma 'You're so cool!

[@williamfontoura]

I heard that midle children take less care, so it could be something of same natute

[@badass6300]

I've noticed that too. It's like they don't exist nowadays. I guess they didn't do much or didn't get as screwed, idk, they don't seem to be in a better place than millennials

[@gohanssj48]

I think It has to do with demographics of the viewers. Most people here should be in mid to end 20's and thirties and could have Boomers parents. I am 30 and my mother is considered boomer, depending of the classification.

[@WaterWheel360]

Last time I was this early, my girlfriend wasn't satisfied

[@EconomicsExplained]

:(

[@acevaver5425]

Last time I was this early, your girlfriend wasn't satisfied.

[@craserx6267]

@@acevaver5425 savage

[@justChuka]

bwahahahahahahahahaaaaa

[@AltSimplified]

Now that great transfer is a real Patreon target to aim for! 👍

[@EconomicsExplained]

hahah divert your trust fund here plz

[@day1marketinginc.282]

We must be prepared, either way, the best way is to explore all options and learn from the greats, Stocks, Real Estate, and Businesses. We can not forget our roots or else we will lose it all. Stay Vigilant💪

[@Ramzadkm]

Hello! I've loved your channel and the way you explain the economies of different countries. Would you do an episode on the economy of Colombia? I would like to understand better my country, especially how illegal markets influence it (we produce 70% of the world's cocaine). Thanks in advance :)

[@eoghan.5003]

3:11 the implication being that with the wealth transfer from the boomers millennials will at last be able to afford some herbs on their avocado on toast

[@EconomicsExplained]

so long as they are willing to refinance their home for it!

[@acevaver5425]

What was that? Better hope you paid taxes for that!

[@staticbb]

@@EconomicsExplained wait.. you have a home?!

[@BeastinlosersHD]

@@staticbb Australians did not get the recession like everyone else. However, their home prices are high because of increased foreign demand

[@JohnDobak]

The US Federal govt still considers those herbs to be illegal buster.

[@isaak8018]

Ah yes, if only I hadn’t squandered my boomers inheritance on funeral costs and left behind medical bills.

[@dust7962]

You don't have to pay for medical bills because they're dead.

[@philiposborne982]

@@dust7962 they claim any outstanding medical bills from the estate. Your view is too simplistic. Suprisingly private health care has already considered the what if the patient dies aspect of their business model.

[@sewbuttns]

@@dust7962 Medical bills get paid by the dead persons estate before it is passed down to the child or whoever.

[@Mattb81]

@@philiposborne982 That is pure madness. Is it also true that the US also has an inheritance tax?

[@jasonwilkins1969]

@@Mattb81 yes but it only really applies to very wealthy estates. If you have less than 5 million dollars, there is no tax. 10 million if you were married

[@ahammer607]

I heard of a trust that offered to pay only for health care expenses for the beneficiary. (Apparently the settlor didn't trust the beneficiary or her husband to not squander/gamble the trust assets.) The beneficiary went to the trustee and asked, what about travel expenses for health care? The trustee answered, that's covered. So the beneficiary and her husband secured a dentist in Las Vegas, an eye doctor in Honolulu, etc., etc.

[@ianhopkins8948]

With how responsibly my grandparents have handled their money over the years, I'm looking to inherit a mountain of debt.

[@Sakatatata]

"chaos is a ladder" -Petyr Baelish- I thought that quote needed proper reference 😉

[@tyroberts2261]

Numerous studies show that more inheritance tax is collected at 19% due to the numerous ways one can get around higher rates. The trusts you mention means money has ALREADY passed to the next generation, it is just harder to track. The whole idea of a trust is to give equity early in your life to those you love. I know of more than one wealthy person who had 10s of millions of dollars and generated NO inheritance tax at all.

[@SocialDownclimber]

This isn't too hard to address, but it requires political will on behalf of legislators. Letting those affected by the tax know that they are closing loopholes with legislation that applies *retrospectively* if the spirit of the law is obviously subverted. An additional tax burden (say 20% more) if the state can prove in a court that tax evasion was attempted can be levied on people trying to cheat the system, both inheritors and accountants. Finally, offering reasonable payment plans like any other loan to those who actually are subjected to the tax will make it less onerous for the receivers of the inheritance. Funnily enough, Ancient Rome had a great deal of taxes and laws preventing excessive wealth and conspicuous consumption, but they were rarely enforced around the time the republic fell to an authoritarian ruler.

[@fylker4888]

Hey, 6:03 You misspelt Inheritance at the top, good video!

[@icecreamforcrowhurst]

Gen X ain’t gonna see a red cent. There won’t be any left by the time the Boomers check out.

[@dr.zoidberg8666]

Correct. And millennials probably won't be getting much either in actuality. Because of how thoroughly disadvantaged that generation has been (especially with regard to debt & social mobility), most of this money is going to slip right through their fingers like sand. It's all going to the corporations & billionaires.

[@Zabootify]

Why would I want a "red cent" left to me? That implies I was too incompetent to make my own money.

[@garyharper4188]

Zabootify Not at all. Every little helps

[@michaeljensen4650]

@@Zabootify It's red because of the blood on it.

[@michaeljensen4650]

What most people fail to understand is that financial trusts make their recipients a beneficiary and therefore not technically owners. If you don't technically own something then you cannot be taxed for it. Trusts are not subject to estate taxes! The wealthy people in this country have armies of lawyers who have devised all kinds of legal loopholes for hiding money, evading taxes, and setting up trusts to transfer their businesses and assets to the next generation. It is only middle class people and small/medium business owners who do not have enough money to maintain a trust that will be paying Estate Tax.

[@rgb3304]

I don’t normally take moral stances on economic issues but I’ve always thought inheritance and estate taxes were wrong. A lot of people work their whole lives to leave something for their family, only to have the government take part of it.

[@andrewsang4688]

And I hear you on that, the purpose of estate taxes is not to steal money out of the pockets of your children, but rather to break up huge dynasties like the Rockefellers and Vanderbilts. The vast majority of households will not be impacted by a state taxes in any meaningful way. Put it like this, if you are not comfortable calling whatever you own an "estate," the taxes will probably not apply to you

[@goranmiljus2664]

There are MILLIONS of people who worked harder than George Soros and his friends, and they are all working Poor.

[@rgb3304]

@@goranmiljus2664 My grandfather was an electrician. He worked his entire life for what he had, invested well, slaved away to have something to leave behind. With no college education he died with 2 million worth of assets. A huge chunk of that went to the government, depriving my father of the things his father worked so hard for, and every CENT of that inheritance went into building a better life for my siblings and I. The rich don't care about inheritance taxes because they don't pay them, the rich don't pay those taxes, only the working class do.

[@jmc3893]

@@andrewsang4688 In theory you would hope it will work like that. In practice the Rockefellers will be able to afford lawyers to find loopholes and the state will start charging smaller "estates" - namely people who were just about able to afford a roof over their heads.

[@ameyskulkarni]

And plus the estate tax is pretty steep. Like 40% tf? I can understand like 10 or 20%, but 40% is way too much

[@themongolsarecoming_9437]

Fast! Do economics of Mongols. THEY'RE COMING!

[@welshzecorgi7903]

AND THEY WANT RETURNS HIGHER THAN THE MARKET AVERAGE!!! RUN FOR YOUR LIVES!

[@saagisharon8595]

Didn't they come like 900 years ago and retreat?

[@dr.wahnsinn9913]

I´m still waiting what China and Russia starts to hear the Bossmusic again. xD kzbin.info/www/bejne/pnWUmHeJltRkm6M

[@Jin-kn9zx]

STAN!

[@garyharper4188]

saagi sharon No, they returned home as The Khan died. Just as well for Poland and the rest of Europe as they would have trashed us.

[@patkanman]

The real upcoming wealth transfer is the one from fiat financial assets to tangible assets. Holders of the latter will be the lucky beneficiaries.

[@VacentViscera]

@3:13 "Or become bigger spenders in the economy..." and shows avocado toast. Shots fired.

[@thicksunroof4687]

The inheritance tax is always paid with debt and then repaying the debt

[@xavierrowe8282]

LaST tiMe I wAs this earLy

[@EconomicsExplained]

Hur dUr sOmetHinG oLd..

[@zyansheep]

@@EconomicsExplained AHaHhAAahHhAaa funny

[@abdulqadirhussain7864]

@@EconomicsExplained please go

[@xavierrowe8282]

I do love the last time I was this early format tho

[@rafaelvazquez7465]

boomers were still babies

[@NabilSutjipto]

I see this happening in developing countries, where the parents owned land that they gave to the kids.... only for them to buy Ferrari’s and nothing sustainable. So potentially it would boost the economy short term, but what is left to the next generation is yet to be seen

[@yak55x]

This explains my neighbors lack of visible support while having matching black SUV's and boxes for nice stuff always at trash day.

[@alisterfabian9991]

Do economics on nuclear energy

[@EconomicsExplained]

Oooh yeah that's an interesting one. TBH I think real engineering has already explored it from a more technical side which would really be the make or break.

[@Croz89]

Short answer is, huge upfront costs but is a profit making machine after a decade or two.

[@dragohammer6937]

complimenting what@@Croz89said, since politicians are elected on periods of 4-10 years(election + re-election) , a project that can only start paying for itself in over a decade, even if it's more worthwhile(and less environmentally damaging) overall, is not a good move for the purpose of being re-elected(what politicians actually care about). that, combined with the irrational fear that some people have of nuclear plants makes suggesting the implementation of nuclear energy a bad political move, even thought it's a great economical one(in the long term anyway, and since nations only really exist in the long term...).

[@andrasbiro3007]

@@Croz89 Plus the risk of your business being destroyed at any point by a low level politician. www.nytimes.com/1988/05/13/opinion/the-shoreham-syndrome.html

[@akshatnagar7074]

Do one on fusion power

[@Flippyfloppy007]

Hey mate, I've noticed this a few times now so figure it's worth letting you know: "Begs the question" is a technical term in philosophy that means "assumes the very conclusion you are trying to prove, during your argument". What you mean to say is "raises the question" or "prompts the question". Sorry to be pedantic - that's just a personal peeve of mine, and for those of your viewers who know the meaning of "begs the question", using it this way may be distracting :)

[@Flippyfloppy007]

(Google the definition of "beg the question" to confirm this)

[@leopruessner]

did you pick that up from PhilosophyTube or just happened to know through other means

[@Drkbowers1]

Phrases can have multiple meanings. The problem is while that particular phrasing was probably made more popular by philosophy, the common interpretation of the phrase (equal to "raises the question") is perfectly semantically correct. It doesn't help that for being a "technical" term, it uses pretty simple language. Given this is an economics video, I see no reason to import the context of philosophy.

[@DMBisAwesome]

>>Begs the question" is a technical term in philosophy Yes, in philosophy that is a technical phrase. Similarly, in physics "energy" is a technical term that is not used in the same way as you or I would. I would never bother someone if they used the words "concurrent" and "parallel" interchangeably despite studying CS. We've all taken PHI 100. But most of us know there is a difference between a term when used in the context of a particular subject and it's colloquial use.

[@sambrien1020]

Language is fluid, and “begs the question” is common parlance. Therefore methinks it perfectly cromulent.

[@PoisonWaffle3]

10:22 Hey, that's Sioux Falls, SD! I live there!