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There's almost nothing I want to buy that costs between "iPad pro" and "mansion with no mortgage." This is why middle class is doomed.
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In developed economies the three things that used to be worth taking on consumer debt for: education, car and home, defined the middle class
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None of the 3 is worth the debt anymore. Especially with rising deflation risk. There is no middle class without lifespan-scale debt.
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Now I think there's no such thing as a class defined by risk aversion since no other class would cover for such a class.
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What actually happens in the name of middle-class "security" is that their share of societal risk exposure is converted to long-term debt
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