“I’ve seen a lot of numbers. But no single data point has ever concerned me more than this one,” the CEO of BlackRock says.
Already a subscriber?It’s often said that financial markets trade on fear and greed. But for BlackRock co-founder and CEO Larry Fink, it’s the balance between fear and hope that is the biggest worry.Wall Street JournalCompared with 20 years ago, the current cohort of young Americans is 50 per cent more likely to question whether life has a purpose, while 40 per cent agreed with the statement that it is hard to have hope for the world.
“Without hope, we risk becoming just another place where people look at the incentive structure before them and decide that the safe choice is the only choice. We risk becoming a country where people keep their money under the mattress and their dreams bottled up in their bedroom.” But Fink also makes an impassioned plea for the world to tackle its mounting debt problem, which he says is at historical and potentially unsustainable levels, particularly in the US.
“We can’t see debt as a problem that can be solved only through taxing and spending cuts any more. Instead, America’s debt efforts have to centre around pro-growth policies, which include tapping the capital markets to build one of the best catalysts for growth: infrastructure.”. Indebted governments will have no choice but to partner with the private sector to pay for this infrastructure – and GIP will be there to clip the ticket.But self-interest doesn’t make Fink wrong.
“These leaders believe that the world still needs both. They were far more pragmatic about energy than dogmatic. Even the most climate-conscious among them saw that their long-term path to decarbonisation will include hydrocarbons, albeit less of them, for some time.”
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