In another interesting article for National Review, Mark Steyn looks at the current financial crisis and the demographic trends impacting the housing and subprime mortgages. Well worth reading.
Here is a paragraph to wet your appetite:
Which is the situation much of the developed world is facing. A bank is a kind of demographic shorthand, by which old people with capital lend to young people with ambition and ideas. Unfortunately, the western world is running out of young people. Japan, Germany and Russia are already in net population decline. Fifty per cent of Japanese women born in the Seventies are childless. Between 1990 and 2000, the percentage of Spanish women childless at the age of 30 almost doubled, from just over 30 per cent to just shy of 60 per cent. In Sweden, Finland, Austria, Switzerland, the Netherlands and the United Kingdom, 20 per cent of 40-year old women are childless. In Germany, 30 per cent of all women are childless. In a recent poll, invited to state the “ideal” number of children, 16.6 per cent of Germans answered “None.”