Tony Deden on high time preference in the Western world

We're no longer a culture of production.  We're a culture of consumption and thinking about today.  We've eaten the seed for tomorrow, completely.  Look, there have been difficult times in the past, many many and even worse, but we've never had this universal, more or less global - well, I should exclude parts of Asia, I suppose and parts of the world - but at least in the Western world, we've never had such a disintegration in every respect as we face today.  I'm not sure what impact that has long-term on many of the things we take for granted.

~ Tony Deden, "Tony Deden - Master Value Investor," State of the Markets, 40:50 mark, January 10, 2025