“So, 25 to 34 year olds today have got less wealth than 25 to 34 year olds eight years ago. And they’ve seen some gain and income, most of that they’ve saved. And despite that saving, they have still seen their wealth going backwards. A large part of this house prices and other thing that’s going on is that governments are spending a lot more than they used to, are on over households. So they are spending now over 30,000 dollars per household over the age of 65, go back just six years. And it was only a little bit more than 20,000 dollars a household.”

 

Now overnight, markets around the world fell sharply. The Dow closed down more than a quarter of a percent. And the Nasdaq bucked the international change, closing up almost 0.5%. The S&P 500 is down. In London, the FTSE tumbled more than 2%. Looking at commodity prices, West Texas Crude’s trading at 64 US dollars a barrel and Tapis is at 69. Gold’s trading at 1229 US dollars an ounce. The Australian dollar is buying 83 US cents, 67 euro cents and 53 pence sterling.