THE COMING APOCALYPSE
THE COMING APOCALYPSE The world has witnessed the largest creation of wealth ever in history since the industrial revolution. Especially in modern times, we have witnessed huge wealth being created by such great organisations as ExxonMobil, General Motors. There were only a handful of billionaires in the early 20 th century, now there are approximately 1,210 billionaires in the world. As an indication, the world’s largest asset manager is BlackRock Inc. with $3.65 trillion in assets under management. This huge growth has been funded by debt. Governments borrow to build infrastructure and fund social programs with the intent to pay back the borrowings from the future tax revenue streams. Consumers borrow to pay for homes (mortgage), house hold items (retail credit) and miscellaneous luxuries (credit card). This then feeds a vicious cycle whereby the investments from the borrowed funds creates more demand and although in the short term, this will be see as robust economic gro