The concept of modern central banking, which relies on unbacked helicopter money, is like a hovering parent, never allowing its "child" to face the challenges of life.
Just like children of helicopter parents, who are unable to leave the comfort of their parents' home, certain companies that are heavily leveraged and dependent on access to easy money, also cannot survive without it.
These companies, much like the smooth-kneed 25-year-olds, lack the drive to be financially responsible (“when paper fiat currency is free, why bother with financial discipline?”), the means to succeed in a higher interest rate environment (“our business model doesn’t work at higher interest rates”), and in some cases, the permission to go bankrupt (“you bail us out because we employ so many voters, or because we intermediate and credit-multiply your monetary policy”).
The easy availability of fiat currency leads to continuous political compromises, fostering unrealistic expectations and fueling a self-sustaining cycle that only accelerates.
Even those in power, who wish to avoid printing more money, find it difficult to break away from the system.
The bottom line: without the rigid barrier of strictly limited funds – that is, with non-scarce money – nothing will stop indefinite growth of government expenditure. Untethered to the future generational tax burden it is simultaneously exploding and expropriating.
The result: With an unlimited supply of money, government spending will continue to increase indefinitely, putting future generations at a disadvantage.
It's no surprise that millennials feel the odds are stacked against them. They are.
I'll leave you to guess what will benefit from this predictable game-theoretic storm :)
Just like the Roman Empire, aside from going fiat by way of diluting the denarius of its silver content. People became more degenerate whether by social engineering or just declining societal morals and ethics. People in occupations that were deemed beneath them also became celebrities in a way. Gladiators, actors, entertainers, chefs and so on went from being looked down on to becoming celebrities. Much like today. Who knows what will be the catalyst that propels us into a drastic downturn that is impossible to print our way out of. Time will tell, stack those sats in the meantime.
Most people refuse to believe this possibility. Especially the older generations that have heard these warnings time and time again over many decades or the better part of a century. We all have different levels of understanding and viewpoints from which we see things from.