The global market for virtual goods was estimated to exceed 2.1 billion dollars in 2007. Virtual goods are what they sound: virtual clothes, virtual homes, virtual cars. I am hesitant to say how much of it was paid by U.S. consumers, but let’s assume that it was more than 80%. It means that more than 1.5 billion dollars was spent on goods that have zero value, because they are, well, virtual.
You, the “baby boomers,” brought yourselves to a state of collapse. You made things so bad that only the most ignorant would say you could stay the course. By bringing your lifestyle to an abrupt halt, you had to take notice.
So take notice of virtual goods. Why? Because your pension fund is probably investing in that through Venture Capital investments. And why it is important? Because this is one of the very few industries the U.S. can out compete its global competitors and balance its debt, making your personal financial future much brighter.
For that to happen, there needs to be an equivalent of the Chinese unfair trading rules protecting their industries and ensuring that their tangible goods are cheaper than of the U.S.
It may sound odd, but if one can ban U.S. consumers from consuming virtual goods , and yet allow the “export” of these same virtual products that U.S. companies “make”, then you just found a growing industry worth billions that balance the trade deficit. The U.S. has unfair advantage here because of the creativity of its entrepreneurs, and your retirement can be much more secured. Think of it as another form of natural gas that can only be made in the U.S. and export outside.
Unfortunately, this suggested course of action will not happen. What is likely to happen is that U.S. consumers will continue to consume virtual goods, leaving less money for tangible goods and services. This will have net negative effect on the economy as a whole, and further danger your retirement.
So, make sure to ask your pension fund manager if she can push the Venture Capitalist to direct their companies to exclusively export their virtual goods. It will benefit us all.