Observations:
-
2016
election in the US helped Western Europe to become a little bit more assertive
and independent. Obama is not listening German chancellor Merkel personal
mobile phone. Pro-business agenda helped to get approval for Gazprom Nord
Stream-2 pipeline to provide reliable energy supply. Looking at tremors (aka
earthquakes) in the Netherland due to Groningen gas field and restricted
production, Nord Stream 2 will help to cover Western Europe needs and diversify
from Norway.
-
2017
elections in France resulted in win of pro-globalism agenda aiming for install
a 39-year old president, with his ex-school teacher as adviser and a wife. The
UK has called for election as well and people in power hoping to ditch Brexit
or compromise it by lengthy negotiation, taking the life out of it. Both
factors helped EUR and GBP to raise by 2%.
An
idea behind pro-globalism was to provide children (millennials) better life and
the future. In 2017 one third of 18-34
years old live with parents, 25% of them neither working nor going to school.
Millennial
hold triple amount of debt in comparison with previous generation, reducing
their chances to get on a property ladder.
Millennials in Western Europe is no better off.
Conclusion: not only have young people (18-34) suffered
from lower wages, but the two main types of assets which people accumulate
during their lives, housing and pensions, have both become much less affordable
over the last couple of decades. No wonder we are not saving as much as
previous generation – we are simply starting worse off and pay gap between
management and the rest is keep growing and growing.
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