When generations change, a lot is given up.  It wasn’t always like this.  In the past, wisdom was passed from one generation to another because the family unit was connected at many levels.  Grandparents were a part of grandchildren’s lives.  Communication was slow and complex because the fast sound bite mediums like TV, email, and text messaging didn’t exist. 

But in today’s world, the ideals that our elders had; the ideals that built this great country, are lost like reruns of an old sitcom.  Shelved to gather dust forever, paving way for more obtuse, and less compelling entertainment like reality TV and competition shows like American Idol.

Generations of the past, taught their children not to live in debt.  Owning something that you couldn’t afford or didn’t have the money for up-front, was frowned upon.  But things have changed.  This is not what is taught to the new generation.  The word ‘credit’ is thrown around synonymously with economic well-being.  Don’t believe me?  Just turn on your TV right now and tune into any news or financial channel.  “The very heart of America’s economy is at stake... Credit.”

Stories are popping up everywhere exposing exactly how much our country is indebted to others.  This months Atlantic Monthly has an excellent article that covers and interview with Gao Xiqing, General Manager and Chief Investment Officer of the China Investment Corporation, China's sovereign investment fund.  That is, this guy is the one who oversees $200 billion of China’s $2 trillion in dollar holdings.  In this article he explains why he’s betting against the dollar, praises American pragmatism, and wonders about enormous Wall Street paychecks. And he has a friendly piece of advice: “Be Nice to the Countries That Lend You Money”.

Read the article.  It is chilling.  In one of the last questions, Xiqing is asked how American’s should feel about the growing Chinese presence in their economy?  He answers with this:

“This generation of Americans is so used to your supremacy. Your being treated nicely by everyone. It hurts to think, Okay, now we have to be on equal footing to other people. “On equal footing” would necessarily mean that sometimes you have to stoop to appear to be humble to other people...

And you can’t think as a soldier. You put yourself at the enemy end of everyone...

But over the years, I believe I learned to be humble. To treat other people nicely. I learned that, from a social point of view, no matter how lowly statured a person you are talking to, as a person, they are the same human being as you are. You have to respect them. You have to apologize if you inadvertently hurt them...

Americans are not sensitive in that regard. I mean, as a whole. The simple truth today is that your economy is built on the global economy. And it’s built on the support, the gratuitous support, of a lot of countries. So why don’t you come over and … I won’t say kowtow [with a laugh], but at least, be nice to the countries that lend you money.

Talk to the Chinese! Talk to the Middle Easterners! And pull your troops back! Take the troops back, demobilize many of the troops, so that you can save some money rather than spending $2 billion every day on them.

And then tell your people that you need to save, and come out with a long-term, sustainable financial policy.

Maybe we should all visit those nursing homes we cram our elders into a little more often and listen to what they have to say about all this?