"A high-beta world"

Today's wealthiest citizens have less security and stability than the rich of yesteryear. That is the opinion of Robert Frank, who has written two books on the subject. He gives an interview to Private Wealth Magazine in which he proposes this solution:
"To solve the problem of high-beta wealth you have to roll back all the forces that have created inequality. You’d have to roll back all the recent advances in technology, you’d have to roll back globalization and you’d have to somehow wipe out most of the financial markets around the world. Not going to happen. So the practical solution is to better prepare for these wealth and income shocks. Governments need to create bigger, more robust rainy day funds that they can fill during good times and drain down during crises. As consumers and workers, we need to save more, spend less and borrow less to survive these cycles. And for those who aspire to be wealthy, they need to take money off the table as they’re on the way up and use debt sparingly. You can’t get around risk if you want to get rich today. But you can manage those risks and price it more intelligently....

And in a high-beta world, wealth no longer ensures stability and security in your life. What really matters in this world is doing something you love, having strong connections to family and friends, and making a contribution to your community or the world at large."

Sounds about right to me.
I found this at Maggie's Farm: http://maggiesfarm.anotherdotcom.com/archives/18929-Manic-Millionaires.html
Read the interview in Private Wealth here: http://www.fa-mag.com/component/content/article/9535.html?magazineID=3&issue=184&Itemid=211