The last transfer of wealth

[wehav]

Many elderly have saved all their lives thinking that they could live on the interest, leave something to their children and still have a decent retirement.

Somebody realized that there is an enormous amount of money that could be accessed if they lowered interest rates.  The first time people were running to the stock market to get in on an up market and live on the dividends or the increase in capital.  That first wave took out a lot of savings but still left a lot with those who were content to live on less rather than take a risk at an elderly age.  So now the next wave is lower interest to basically nothing, cap social security and make your health care cost more so that you can't live on the interest and are forced to access the principal.  The principal will be destroyed.  That will destroy the middle class and assure that nobody but the rich will be able to pass on wealth to the next generation.

[Samnospam]

Low interests rates are causing problems for the insurance companies too, no return on safer investments is forcing them into riskier ventures.

Our monetary system was designed to transfer wealth up the food chain. 

[hobbyfarm2145365]

I don't understand why its the respondisibility for one generation to provide for the next generation.   My Dad told me early on it was my respondisibility to to gain success on my own not to rely on what he done.  He and Mon worked thier life to take of themselves in elder years not provide for aoffspring.    

[wehav]

Your reply tells me mountains about your concept of humanity.

You are the progenitor of the next generation and bear a responsibility because you created them without their permission.  You thrust them into the world and now say fend for yourself.

If we all thought as that humanity would have to start over each generation.

My family wanted me to have a better life than they had and I want my children to have a better life than mine.  Yes I expect my children to provide for themselves and I expect others to provide for themselves.  I did not work my entire life and save so that the government could take my wealth and disperse in an a fashion that I and many others consider worthless. 

Whatever wealth I have left will be used to build upon just as what my parents left me.  I didn't squander it nor did I sit idle,  my children are the same.

It should be obvious that Western civilization succeeded in part because we passed on a better future to our children.  Part of that is education, part of it was wealth. 

Nobody is asking you to live as a pauper so that your children can have more.  I'm sorry you've had such a difficult life.

[BA Deere]

Excellent insight Wehav! I think you may have discovered the missing link between liberals and Conservatives. A liberal wants alllll the money and property to go into a pool for the good of all, with mother government doling it out to those she deems needy. The problem with that line of thinking is it leads to squandering your money so that you die penury. My Parents devoted their lives to me, I devote my life to my Kids. While all I really can guarantee leaving them is a good name, I try to pass on the previous generations blood and sweat inheritance.    

[r3020]

Not only are we not passing anything on to the next generation we are spending theirs also. Why??? So we can have free health care and lush retirements.

[hobbyfarm2145365]

I was amused at your difficult life remark cause I can look back over 3/4 of a century known what I have to day was not LEfT to me as yours  was . What sense of accomplishment you must have.   You like so many of today farmers don't understand what my dad was saying was its your respondidbility to make a success of yourself not what I will presumily LEAVE you to make life comfortable.   On govt taking YOUR wealth better stop and look at all govt does for farmers of today.   Whose wealth did that come from?    When I read farmer condemning all those handout they better look in mirror and think what  the family  did for me and what the govt is doing for me  now ,maybe just maybe your acconpislment  are no so great.   My life was not difficult do to my dad's advice can you say the same.     Did you pull up your own boot straps or did someone help you along the way making it much easlier

[wehav]

Just for information, the money my dad left me was put into a CD and never used. I bought my own farm and my own machinery.

My mom spent 10 years in a nursing home so that might give you a clue as to how much dad left.

Did my dad help me, yep.  That's what real dads do.  That's what real parents do.  Only an ignorant person believes that they accomplished everything on their own.  You live in a country that people gave their lives to build.  Gave their lives so you could have an opportunity to work and succeed.  Had you lived in a nation where poverty was the norm and where freedom was only for a select few you might not be so cocky about your alleged achievements.

I have the respect of my community and they know I work.  I wouldn't have what I have without some help though, and neither would you.

[kraft-t]

What an odd attitude or a dim view you folks have for each other. if a parent educates or gives a child a hand up, is that chid forever linked to that gift and never ever able to reach any degree of success on their own. OH he may be well off but he never would have accomplished on his own.

That sounds like sour grapes by a person that is making excuses for his lack of success because he had a steeper hill to climb. The truth being he may not have accomplished much even if he had the hand up.

I hate to think that when we leave this orb and the children inherit our meager estate that you would think ill of them because of our bequest. We will be done with it and want that to be a benefit to our kids and grand kids.

Is gifting or inheriting something to be ashamed off? Why have you come to that conclusion?