Millennials & Socialism

Politics, Historical figures, CIS, Graph, education, millenials, familiarity with dictators.

How well do millennials know their tyrants? A CIS study in Australia showed that 58% of millennials had a favourable view of socialism. Unfortunately 51% did not know who Chairman Mao was. Another 32% did not know Stalin and 42% hadn’t heard of Lenin. If we combine with “know but not familiar” with “don’t know” we see almost 80%, 66% and 74% respectively. Oh how wonderful to learn in school about three men whose social policies led to the deaths of 10s of millions.

If their teachers won’t tell them, perhaps experience will need to give the test first and the lesson afterwards. There is a touch of irony that university degree holding millennials have the highest respect for socialism.

More love for Naomi Osaka


20yo Naomi Osaka deserves every success she gets. She is without doubt the hottest marketing prospect globally. There is no media spin or polish with her on any level. She is authentic in the extreme. No prima donna antics or bragging. If anything her press conferences since returning have defined her as ‘what you see is what you get.’ Humility and grace. Pray we get more millennials like her. She shows one doesn’t have to beat their chest in ridiculous ways to get attention.

No wonder Adidas want to throw $11.9m per year to sponsor her. As a Nissan ambassador, despite her media appearance in front of the Leaf electric vehicle, when asked Naomi just let her inner petrol head scream her favorite car – the GT-R. Lucky for her she will get one in white.

The world of tennis couldn’t have a better ambassador for the game. Let’s hope that the media don’t pry too deeply into her private life (good luck with that) and her sports manager doesn’t put her on a multi-year roadshow from hell to please sponsors which would put any star to the test.

The financial health of Millennials

Changing Balance Sheet across Generations

The St Louis Fed has published a report on Millennial balance sheets, comparing them to Gen Xers. The average value of total assets was lower among millennials than Gen Xers. Millennials held an average of $162,000 of assets relative to Gen X’s average of $198,000. The report also found that Millennials held a slightly higher level of total debt, at an average of $72,000 compared to Gen X’s average of $67,000. However the composition was markedly different – average student loan levels surged from $4,200 for Gen X to $14,700 for millennials. In short, millennials’ average asset position is lower, while they hold slightly more debt, which leads to an average net worth of $90,000 for millennials and $130,000 for Gen X.

In closing the report notes,

We observe that millennials have been going to school longer and delaying major life events. Thus, it makes sense that they hold lower levels of assets. They have had less time in the labor force, and a smaller share of them have moved out on their own, which contributes to the lower levels of residential assets. However, they have shown a higher propensity to save for retirement and to avoid credit card debt.

Gotta love Millennials

Quite a light hearted stab at the future.

If Clinton spoke like this she would be 50 points ahead


Honestly if Clinton spoke in public as she did in private she would be 50 points ahead.Yet another leak has come out showing her taking a swipe at Bernie supporters.

She said,

“I met with a group of young black millennials today and you know one of the young women said, “You know, none of us feel that we have the job that we should have gotten out of college. And we don’t believe the job market is going to give us much of a chance.” So that is a mindset that is really affecting their politics. And so if you’re feeling like you’re consigned to, you know, being a barista, or you know, some other job that doesn’t pay a lot, and doesn’t have some other ladder of opportunity attached to it, then the idea that maybe, just maybe, you could be part of a political revolution is pretty appealing…We should all be really understanding of that and should try to do the best we can not to be, you know, a wet blanket on idealism. We want people to be idealistic. We want them to set big goals… But those of us who understand this, who’ve worked in it know that it’s a false promise. But I don’t think you tell idealistic people, particularly young people that they’ve bought into a false promise.”

The problem the world faces is that it is totally ill equipped to face the coming collapse. She is very open about how little future lies for the youth. Now I’m not so dim as to think politicians have the people’s vested interests at heart but here Clinton tells us “we’ll string them along”

However even that group of black Millennials is seeing that the jobs market isn’t what they thought. Even with a super degree it might all be in vain. Just like those people post GFC who thought a CFA would add value. 80% of job listings for those with that qualification are sub $100k.

Now whatever personal peccadilloes one may have for Trump as sexist, racist, bigoted and/or loud mouthed etc, the one thing he has wiped the floor with Clinton on is pointing out the harsh realities of the world we are in. The lack of jobs, huge student debt, a collusive Fed, asset bubbles and growing numbers in poverty.

The establishment is so naive to think they can push stats from the White House and the Bureau of Labor Statistics and have people believe there are good jobs paying ever higher wages. Nothing could be further from the truth. No matter how “stupid” these people supposedly are, no matter how ill equipped to understand the methodology of government statistics they are increasingly aware their lives aren’t anything like what they’re told.

Therein lies Clinton’s problems. She’s not coming clean. If she said Obama has done a disastrous job, that free education and affordable healthcare for everyone is just not doable, that times will get very tough soon if we all don’t understand the predicament we’re in she would be 50 points ahead in the polls. If she wants to be the first woman president perhaps she should follow the legacy of the first Catholic president from her own party!

“Ask not what your country can do for you. Ask what you can do for your country” – JFK

As it stands I still believe this election is not the coronation she thinks. The more leaks the more we see the real person that validates her total lack of “sincerity”

Vulcan 607 – a real tale of being an underdog

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Want a great read? Here it is. Vulcan 607 is the true story of the RAF bombing the Port Stanley airfield in the Falklands War in what was called Operation Black Buck.  If you want to learn about execution of a plan when you don’t have all the tools at your disposal this book shows what can be achieved. It should be compulsory reading for millennials to show them life is not always simple and requires more than an app and WiFi. This was the longest ever bombing raid at the time. It involved using what was left of a knackered air force tired aerial tankers and Vulcan bombers close to be put out to pasture due to their age. No satellite GPS positioning, no fancy digital. All done with slide rules and a calculator the night before the raid.

You had to hand it to the pilots who after the raid (figuring the hard part was done flying thru enemy defences) had to air-air refuel in hurricane winds and an electrical storm. The air tankers had to refuel themselves and refuel the Vulcan bomber. Some of the fuel passed through five aircraft before being burned by the attack aircraft. All this was done in total darkness.  Mid-air refueling was as easy, according to one Vulcan pilot, as “sticking wet spaghetti up a cat’s arse”

Before the raid, budget cuts meant few parts were available. Many missing parts like refueling valves (which had been filled with 20-year-old cement) were scavenged from other Vulcans that had been donated to museums and the bomb racks were reclaimed from scrapyards. A seal for a new radar-jamming device was improvised from corks from a home-brew beer kit and another crucial component was discovered in the engineers’ mess, serving as an ashtray. Having broken a refueling probe during refuelling practice they managed to find the only one left in an old supply depot as the maker had gone  out of business.

So next time your staff complain at what they don’t have, perhaps worth considering what can be done against the odds if one tries.