Rob Kapito of Blackrock, an entitled one-percenter, says he feels satisfaction that younger people who do not have even a fraction of the financial loot he has amassed for himself are no longer able to buy the things they need at the store due to inflation and shortages.
Editor's note: This is an opinion article representing the views of the author. For the record, as the publisher, we believe there is an element of truth to what Kapito is saying. The millennial generation is, indeed, suffering under material entitlement, and they are all about to face a day of reckoning. But this delusion isn't limited to millennials. All Americans have lived under "artificial entitlement" due to the petrodollar status that's now collapsing.
"For the first time, this generation is going to go into a store and not be able to get what they want," Kapito celebrated at a recent conference in Austin held by the Texas Independent Producers and Royalty Owners Association. "And we have a very entitled generation that has never had to sacrifice."
Presumably one of the smirking rich folks who stood over the balcony in New York City back in 2008 toasting champagne while mocking the Occupy Wall Street protesters down below, Kapito says that millennials now need to "put on your seat belts" because of what is soon to come.
Kapito co-founded BlackRock, by the way, which is now the world's largest asset manager with about $10 trillion in client assets and investments across the global economy. One of BlackRock's specialties is buying up housing at inflated prices in order to rent it out at a premium, ensuring that younger people are unable to afford or have access to purchasing a home.
Not wanting to pay $10 per gallon for gas and starve to death is entitlement?
Because inflation has now reached a four-decade high, among other reasons, millennials have a very poor outlook on the future – and can you blame them?
Young people today do not have the same opportunities their parents had to work what one might describe as a "regular" job and still be able to afford a house or a decent car.
Wages in the Amazon era are dismally low relative to skyrocketing prices for pretty much everything. And Kapito, a billionaire, has the gall to criticize people who are struggling while calling them, rather than himself, entitled and deserving of hardship and suffering.
"Inflation at a four-decade high is hampering households' ability to spend. Their real wage gains are negative when factoring in inflation, and their inflation expectations in March soared to a record high," reports Zero Hedge. "Inflation fears aren't going away."
On Twitter, many were critical of Kaputo's tone-deaf statements in Austin, including Chronicles magazine associate editor Pedro L. Gonzalez.
"The president of BlackRock calls Americans who don't want to pay $10 a gallon for gas or not be able to feed their families 'entitled,'" Gonzalez tweeted. "I support eating the rich during these difficult times."
At Zero Hedge, many readers shared this same sentiment, though some also pointed out that a seat belt will not be enough to mitigate the blow of the collapse that is soon to come.
"Seatbelts don't do anything if you're on a jetliner about to hit the side of a mountain going 250-450 mph," one wrote. "There's no seatbelt that is going to protect you coming from the monsters who have created the impact we're about to feel."
Another wrote that he has been warning about the idea of scarcity inflation for a while, as it constitutes "a very devious way to hide the cull of the meat bots / walkers in plain sight."
"Once again, as demand continues to decline, production will continue to artificially decline at a slightly higher rate than demand," this person added. "Covid is great cover for this and that's why the covid con will continue until they shut down the internet."
"The wheels of production are slowly being stopped and many people have no idea it's even happening."
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