This is not a terribly interesting article, but I wanted to publish it because it highlights who we can mislead ourselves when those with power speak with carefully crafted sentences. Of course, Gates says there will be another crash, which is an inevitable certainty and he does not say when but we will be better equipped to handle it. This the same point Jamie Dimon published his annual statement.
The second part to this article is interesting because it refers to Warren Buffet saying:
“Most American children are going to live far better than their parents did...large gains in the living standards of Americans will continue for many generations to come.”
I would argue this, and in fact most people would disagree with this statement vehemently. Many studies have shown that people today do not have better living standards then the 1950's. Of course, we have no idea what Buffet means by this statement as 'living standards' is such a broad term. The massive use of anti-depression medication, pain medication, addiction from pain medication, incredibly low participation rate in work and ideological violence from the left illustrates to me anything but a healthy system. If Buffet is saying the GDP per capita will increase then sure. That seems likely but that is no indication of health of a nation, nor financial health of people. I would grant that we have lots of great gadgets like mobile phones, and social media which restricts free speech and helps indoctrinate people.
I am afraid I am not as optimistic about Buffets statement. There are some tough times ahead BUT if there is a massive shift, and people continue to wake up to what is happening in the West then perhaps, perhaps there is a chance for greatness.