The article about Baby Boomers not spending their money (“Baby Boomers are loaded. Why are they so stingy?”) largely misses the point. Not content just to trot out the usual facts designed to instil guilt in this cohort – most have not fought wars, have grown up in prosperous times, enjoyed free education blah blah – the author preposterously wants to burden Boomers with a duty to spend big to save the global economy.

Standard economic models apparently require that oldies spend more than they earn by selling capital and reducing savings. And unless Boomers embrace decumulating their wealth with vigour, the housing shortage will continue and interest rates will remain higher.