Financial techlash

When 2018 started, not many analysers had realised that the “sentiment” around the I.T. industry was changing.
By the time the year ended, what happened was before everyone’s eyes:

  • Amazon went under scrutiny for the workforce treatment,
  • Facebook was investigated for the mess surrounding many recent elections, fake news and privacy invasion,
  • Google was criticised from multiple angles, from sexual misconduct, to cooperating with dictatorships, to links with controversial technological projects

While some of these points weren’t entirely new, they reached a new magnitude.
Under the changed climate, Apple, Amazon, Facebook, Netflix all suffered losses between 25% and 50% of their respective stock value. 

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Private Debt Apocalypse

I like the title… It’s a little apocalyptic, but it conveys the idea. We all know about public debt, a constant reminder of how many countries have been living beyond their means for decades now. I am not talking about public debt tho, I am considering private debt, and specifically the debt of individuals, as opposed that of companies.

When we say that many people in western countries live beyond their means, at an individual level means that each person has an average debt of several thousand euro / dollars. For many a large portion of it constitutes their mortgage, but also student debt, and even just the credit card debts account in average for several thousand dollars/euro.

If you google today “unemployment rate  2030” you will find wildly ranging estimates, only rarely they are lower than 30% tho.

When you have hundreds of millions of unemployed people being unable to repay their debt, you may as well call that a private debt apocalypse.

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