Tuesday 19 June 2018

Millennials' wages devoured by their own beloved technologies

Let’s tease out the conundrum and the link between technology, the rest of the economy, and the Pope’s Children in particular. Stock image
Let’s tease out the conundrum and the link between technology, the rest of the economy, and the Pope’s Children in particular. Stock image
David McWilliams

David McWilliams

All over the world, central bankers have hinted that the great 10-year period of very low interest rates is coming to an end and all over the world, millennials are complaining that they can't make a decent crust. Are these developments linked? If so, what does it mean?

Since 2007, interest rates have been slashed and pushed below zero to avoid mass bankruptcy and to refloat balance sheets that were crushed by the crash. Now that economies are motoring along, central bankers want to raise rates.

But there's one problem: inflation, which usually builds as the economy picks up, is nowhere to be seen.

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