© Bloomberg via Getty ImagesRob Kapito, the head of the world's largest asset manager, made the remarks on Tuesday during a conference in Austin, Texas.
"For the first time, this generation is going to go into a store and not be able to get what they want," BlackRock President Rob Kapito told a conference in Austin, Texas, on Tuesday.
"And we have a very entitled generation that has never had to sacrifice."
Kapito's remarks were first reported by Bloomberg News.
Kapito said that the US economy is beset with what he called "scarcity inflation," which translates into a shortage of workers, supplies, housing, and even energy.
"I would put on your seat belts because this is something that we haven't seen," Kapito said.
Kapito's comments came on the heels of a similar warning from BlackRock CEO Larry Fink, who said last week that the Russian invasion of Ukraine "has put an end to the globalization we have experienced over the last three decades."
© Getty ImagesMillennials are an “entitled” generation that never had to “sacrifice” and is now feeling the pinch of inflation, according to BlackRock President Rob Kapito.
Fink predicted that the war will force countries to re-evaluate the extent to which their economies are interdependent on others. It could also spur economies to develop greater reliance on local manufacturing, according to Fink.
"Russia's aggression in Ukraine and its subsequent decoupling from the global economy is going to prompt companies and governments worldwide to re-evaluate their dependencies and re-analyze their manufacturing and assembly footprints — something that Covid had already spurred many to start doing," he wrote.
© LightRocket via Getty ImagesA BlackRock office located in Manhattan, NY.
Reader Comments
I wonder if he realises that the USA gave his tribe the greatest opportunities and that his tribe will now become stunted themselves through the arrested development of progress. Everyone on earth will experience the future, Das.... Kapito is not ready to discuss the small print of his own future dilemma, preferring to spotlight "millenials" that were impeded financially and educated by these monsters.
Bad workmen always blame their tools.
Lets now SEE who can endure, the host or the parasite without its host.
Let the games begin.
He's actually quite correct, although it's probably not a wise move on his part to denigrate them for that.
I'm quite certain that when when it finally dawns on the members of that generation that corporations like BlackRock (among many others) and their leadership, as well as the gov't officials they bought, played a pivotal role in bringing down the US economy, they will gladly sacrifice (in the biblical sense) those who are responsible.
The obvious answer is NO, so BlackRock should just keep their mouths shut, unless they are willing to sacrifice themselves and their wealth, which would never happen, instead they plan to sacrifice all of us, including the US of course..
I just hope that karma is really a bitch and will get to them soon, they shall learn SELF-SACRIFICE, goddamn satanist crooks..
Sacrifice BlackRock and Vanguard for the good of humanity..!!! They are useless anyway, they don't know how to create, merely to destruct everything - including themselves hopefully, fingers crossed..
Don't underestimate their creativity and skills concerning sucking the life force of us, common people..
The world is a stage and the current war in Ukraine is just a part of the play, how else could they force us into basic income and teach us all to eat bugs "out of necessity"?
It's the same scenario as the first two world wars, without the second World War they could not force women to work the same as men, only to survive..
I just hope their means of creating children artificially will ultimately fail and that this stupidity will end where it deserves to - extinction!
It's not easy to say, but sometimes the host dying is well worth if the parasite dies along with the host, which is quite likely, seeing where things are heading now.. Someone will survive though and seed the next civilization, a better one, hopefully.. Otherwise the cycle will repeat itself again. It has to end, once.. maybe this time is the right time..?
God knows.
I really hope they miscalculated something and that all of this is going to blow in their faces as they deserve it along with the brainwashed masses..
Then again, nothing ever happens without God letting that happen, so I guess everything is actually just right, as the chain reaction of actions and their consequences would suggest.. So I sincerely hope you are correct, thanks for your comment!
Actually I'm a long-time lurker here on SOTT (and I do miss R.C.'s comments ), however only massive censorship and being banned from all mainstream media comment sections in my country has persuaded me to make an account here, where I could possibly voice my opinion on some matters (among very clever and polite people, which is a relief, though not sure how much I want to spam the comments actually ), however I'm aware that all the three-letter agency AI bots keep track of every dissenter anywhere.. And many VPN's are compromised anyway, but I do keep in my mind that it always has been the truth, that got people killed for saying it
Greetings from the middle of Europe and have a nice day, sometimes we all need a lil' bit assurance, thank you once more, we can make it through if we stay focused
True, but the trolls do make it here on occasion and get promptly kicked out. SOTT readers and commenters have built a polite and intelligent community where we feel comfortable expressing our opinions and share information. Please feel free to do the same - I think that is the whole point
PS all of us are already on the “lists” and VPNs do nothing - I stopped using mine. As long as you don’t make direct threats against anyone, you should be safe
Many of them have lost their nativity in living through the 2008 financial crisis, caused largely in part by entitled idiots in the same tax bracket as this one quoted in the article. This ceo can't creatively produce a solution to help others, only just to control and play into everyone's baser instincts to divide while his company secretly purchases properties above the market value. Many, including millennials, will realize his true aims soon enough:
dominus in aeternum