Everyone that isn't on Bitcoin yet has an old man mind. That's a fact.
Adam Smith guesstimated that only one in a million understood inflation. Nowadays, maybe one in thousand understand fiat, bank money creation, central banking. Half the people understand that it is smart to own real value through being short fiat with leverage (which is another way of saying own a house with a mortgage and a small personal equity).
Almost nobody understand why a house have value, most people believe it has something to do with the cost of building the house (the defunct labour value theory). Most people trust the central banks. Most people believe the money is well managed.
It has nothing to do with age. I suspect some old people know about hyperinflation (but only in failed states, could never happen here).
I think it has to do with education at school and ignorance. Children are taught the state takes the correct decisions to protect the people and especially the weak and the school system selects a small number of people to rule saying to the rest of them that they don't have the capacity to be in that small number of people.
Also, things were perceived as going correctly in the west for decades in the sense that they were not wars inside the country. So people trust the system. But what is happening is that the Central Banks and the governments have been mismanaging and hiding their errors while not being taken accountable for anything negative.
The west is rich so it is easier for politicians to hide their mistakes and act like everything is ok until the system will fall apart. When it does, they will not hesitate to blame it on the free market, an outside country or immigrants and they will suggest more government action to protect the people.
If you have 200millions, a successful business and you are gambling hundreds of thousands every week-end and having multiple mistresses, you will be able to hide your lies and bad habits to your wife for a while if she doesn't look closely at your expenses.
