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Hey Zoomer

📝 Lomez on X:

"Zoomers are the first cohort to be fully immersed in the reality of generational downward mobility. While millenials will also earn less than their parents, they were formed under the expectations of America ascending to a kind of Post-History stasis where at worst their status and wealth was permanently locked in.

Zoomers have none of these illusions and rightfully reject the obsolete and facile narratives they’re expected to swallow and obey to make sense of their lives and ambitions. Those are dead narratives. They do not reflect reality at all. They do not reflect the deranged cultural and political circumstances they’re expected to navigate from a position of negative expected value for pretty much any career path outside of genius tech outlier.

Scolding them is a stupid and pointless exercise that will only drive them further into despair and resentment.

Yes. Don’t be resentful. Don’t give in to despair. Be resourceful and lay a claim on your own life. But it’s also going to require offering Zoomers much better and updated narratives and opportunities for how to accrue status and wealth and the basic conditions for living a dignified life for the average guy who is not an outlier tech genius.

There are short, medium, and long term fixes for this. Some straightforwardly political. Some more complex cultural questions. But the implicit promise of boomer America, even Gen X America, is no longer viable, and that broken promise has absolutely nothing to do with Zoomers themselves."

📎 Lomez

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00:02:15
Where?

🇩🇪🇺🇸 Where’s the gold? Germany’s conservatives sound the alarm over reserves in the US

Can the United States be trusted with Germany’s gold?

[S]ome politicians in Germany are worried that what was for decades seen as one of the world’s most reliable storehouses might not be so secure after all.

Germany holds the world’s second-largest gold reserves, and keeps 37 percent of them — some 1,236 metric tons, worth €113 billion — in the vaults of the New York Federal Reserve. Those holdings of precious metal guarantee that, should the need ever arise, the Bundesbank has access to something it can change into U.S. dollars (or any other hard currency).

The very idea that they might not be safe would have been considered ridiculous from 1945 ... until a couple of weeks ago. But the certainties of Germany’s postwar existence have been turned on their head and — as the recent scrapping of a notorious cap on public borrowing showed — the unthinkable is suddenly very ...

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