The Degen Generation

In Germany during the early 1920s, the average German felt they couldn't get ahead through work.

The currency was rapidly depreciating, so saving was pointless. Even having a job seemed senseless as wages didn't keep up with living costs.

It led to all manner of speculation and an abundance of scams in which people lost their money.

A similar thing has happened in Argentina. With a basket case economy and out-of-control inflation, Ponzi schemes proliferated.

A recent one was known as Generation Zoe. (If interested, there's a fascinating Netflix documentary about it.)

The founders seduced thousands of people to participate and stole an estimated 120 million dollars before the scheme collapsed.

Everyone knew the promised returns were impossible (7.5% per month in USD), but things were so bad that most wanted to believe. Hence, they kept reinvesting their 'returns' until they lost everything.

Similar events will occur again and again because human nature never changes. Desperate people do desperate things in the hope of getting out of whatever hole they find themselves in.

In today's world of consumerism and fake online personas, the hole is usually a financial one.

Like in the examples of Germany and Argentina above, many young people today feel it is impossible to get to where they want to be by working alone.

That so many covet the fraudulent lifestyles displayed on social media doesn't help, but even among diligent workers, many find it difficult to stay financially afloat.

That's why we are seeing more and more young people turn 'degenerate' in the hope of reaching their financial goals.

However, instead of old-school schemes and scams, the casinos of choice are the crypto and financial markets.