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DurhamBorn

Credit deflation and the reflation cycle to come.

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7 hours ago, Talking Monkey said:

15 years from now there will be huge swathes of people retiring and finding the future for them is poverty, they've no idea at all. Interesting to see that a lot of very well educated people fall into this category

I think part of the issue is that we now have multiple generations that have become accustomed to state benefits, whether these be universal credit or pensions. As a result people think that given a worse case scenario the state will step in and provide (a reasonable living) for them..I think they are going to find out in the future that this will not be the case.

Don't get me wrong regarding my previous statement, I was as ignorant as the rest (although I was making some pension provision), it's only in the last five years that I have become far more financially aware via sites such as this (and posters generosity with advice) and reading around the subject...I now realize some of the missed opportunities this ignorance has cost me, but it has also allowed me to plan financially for my old age rather than hope for the best.

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1 hour ago, MrXxx said:

I think part of the issue is that we now have multiple generations that have become accustomed to state benefits, whether these be universal credit or pensions. As a result people think that given a worse case scenario the state will step in and provide (a reasonable living) for them..I think they are going to find out in the future that this will not be the case.

The slow introduction of benefits for everyone has killed this, and other, countries.  It has distorted incentives, changed the industrial dynamic, driven (im)migration and produced a subclass of feckless.  I'd love to set up a cult, where the young are told of this long term deception and go on 'benefits strike' -- refusing to do things that they're driven to do only because of the benefits culture.  Don't buy houses using government incentives, don't work for low wages propped up by tax credits, don't take higher education based on a strange 'not a benefit, promise' student loan.  But they won't do such a thing, as they're all more brainwashed than everyone else -- albeit that everyone has a chance to red-pill as soon as they're far enough away from the education system.

The way that successive governments have each doubled down on welfare-like systems to the extent that the 'honest man' has no choice but to accept some government cash fills me with horror.  Horror with the way that an individual's labour has been devalued in this way; horror in the way that big government has the ability now to manipulate entire populations with a simple 'tax credit' decision.

And horror with the realisation that there is now no way to get rid of this system without extraordinary pain for everyone*.

[* and that's everyone.  eg, remove tax credits now and crime will go through the roof]

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8 hours ago, spygirl said:

Theres nothing clever or smart about Phd - you learn moree n more about less n less.

Phd have limited value outside of academia.

That’s quite a sweeping statement. I work in the oil & gas exploration sector and my PhD has been very valuable. It gave me the opportunity to learn things that I’d say netted me at least 2 jobs earning £80-100k a year that I wouldn’t have gotten otherwise. 

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8 hours ago, spygirl said:

Theres nothing clever or smart about Phd - you learn moree n more about less n less.

Phd have limited value outside of academia.

 

6 hours ago, spygirl said:

How many are good phds?

95% are about avoifing work / real life.

How few phds are quoted in papers, ever, never mind 5 years down the line.

 

5 minutes ago, Solzhenitsyn said:

That’s quite a sweeping statement. I work in the oil & gas exploration sector and my PhD has been very valuable. It gave me the opportunity to learn things that I’d say netted me at least 2 jobs earning £80-100k a year that I wouldn’t have gotten otherwise. 

My guess is it's somewhere between these two extreme views.  I know people who definitely fall into the 95% quoted by spy.  The best example is probably the very famous on ToS "academic portfolio landlord" from Poverty118 site.

I also know some who did get the jobs they couldn't otherwise get, however these mainly stayed in academia. 

Others did end up in reasonable jobs, but nothing that couldn't have been achieved with a better career guidance and a bit of planning, instead of the PhD.

The subset of those who got a job (not at university) and needed the PhD to get it was quite small, but I guess it varies by subject and individual ability.

I definitely would advise anyone considering PhD just because they like a few more years of student life not to do it, or at least be very picky about the exact subject, rather than just look at grant available and whether they will qualify for it.  Kind of similar to deciding whether to do any degree in the first place as well.

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44 minutes ago, Solzhenitsyn said:

That’s quite a sweeping statement. I work in the oil & gas exploration sector and my PhD has been very valuable. It gave me the opportunity to learn things that I’d say netted me at least 2 jobs earning £80-100k a year that I wouldn’t have gotten otherwise. 

To be fair to SG, there are very few jobs like that.  PhD (rather than MSc) is most definitely a ticket into academia.  There are some skills transferable to industry, but they're most often incidental, rather than core to the PhD concept.  I'd suggest that you're (or, rather, the type of PhD you did) is the exception, rather than the rule.

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