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After the non-biding vote of Puerto Ricans to become the 51st state, we need to discuss the economic and political consequences if this becomes a reality

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As is so often these case with these articles by "personal finance" gurus commentating on "millenial" spending habits, the author appears to blame individuals for their value judgments. However, this article fails to identify the root causes of these value judgments, and therefore misplaces the blame onto innocent young people for their decisions.

The younger generations working today aren't saving because the interest rate on pure savings is at record lows for all of human history. If the marginal benefit from saving an additional unit of money is lower than it would be otherwise (i.e. if the income earned by saving and loaning out those savings is too low) then humans will substitute alternative uses for those units of money. By decreasing the marginal utility of saving an additional dollar, low interest rates motivate all individuals in the economy to consume more and save less. If I expect to get 5% interest YoY then I will save more than if I expect to get 0.25% YoY.

The interest rate got this low because of government meddling in the banking system, i.e. the Federal Reserve system itself. Student loans are a secondary contributor to this phenomenon: if I have less surplus to save then I will save less. This is a no-brainer. Besides, we have to ask "why are loans suddenly so attractive," and the obvious answer is "record low interest rates."

How about instead of blaming individuals for their choices, we responsibly evaluate the institutional framework these individuals are acting under? One hundred years of central banking has destroyed the ability of the worker to accumulate savings by means of hoarding money. This has been accomplished by destroying the purchasing power of money by more than 97%. With this fact in place it is no wonder that millenials can't save for the future.

Don't blame individuals for their reactions to bad and poorly considered policy. The fact is that millenials are getting less of what they want than previous generations did, and this is almost entirely the fault of previous generations, the "Greatest Generation" (which could be restated "the stupid generation") and the Baby Boomers (which could be restated "the selfish generation").

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Brand Finance has developed a Brand Strength Index, which translates the varied expectations and opinions surrounding a brand, ranging from the value of logo recognition to the expectation of service a brand inspires, into a mark out of 100. The BSI measures marketing investment, market goodwill, and business performance of a brand. 

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Top 10 Economic Super Powers. 

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A Case For Communism, short article.
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