Preparing the Kids: Going Counterculture
Abraham Lincoln remarked that you can fool some of the people all of the time and all of the people some of the time, but you can’t fool all of the people all of the time. About six months ago, I read that a strong majority of American adults now believe that the opportunities for our offspring will be less than the opportunities that we had when we became adults and this group falls into the third category of Lincoln’s comment. If we truly are in trouble, what must I do to help prepare my kids for such a future?
The first lesson of preparing the kids for the new economic world is to be purposefully countercultural.
When economists and the bobbleheads on CNBC talk about deflation, they’re not necessarily talking about a decrease in prices, they’re actually talking about a drop in the amount of liquidity and credit available in the financial system. One of the notable items since the bailouts of late 2008 is that large banks are given huge amounts of credit but the credit for consumers contyracted and only recently began to increase again. We’re still being pushed to spend but with flat or declining incomes and food inflation, more and more of us are finally being pushed to the wall and most will only change when there is neither time nor option. When you’ve been raised and taught a certain way, the trauma to the perceptions and psyche can be exquisitely painful.