“The Coming Pensions Crisis ”

[Asiantravel]

Major UK Pension Fund Slashes Benefits As Funding Crisis Spreads

http://www.zerohedge.com/news/2016-04-25/major-uk-pension-fund-slashes-benefits-funding-crisis-spreads

[gt162]

Germany will be hit in the next 5-10 years with additional billions in pension liabilities to their civil servants. Nowadays it's at 40 billion per year, in 5 years it is 100 billion and nobody to pay. Including millions of non-working non-educated Moslems.

In Europe there are different pensions, one for civil servants and one for the rest. The civil servants pensions are 50%-70% higher than the usual man gets, and they normally get off the work with 60 not like the rest with 65.

Cut the pensions for civil servants. Now. But of course it will not happen.

Not limited to Germany but other industrialized countries as well. Civil servant retirees get much better pension and benefits compared to private sectors.

Most well of retirees are all government retirees including federal, military, local and city. This happens in Farangland and for expats in Thailand.

[shirtless]

Not everyone is convinced by the anti-pension, anti-Social Security viewpoint espoused by big corporations like the NY Times and Wall St. Journal.

Here's Dean Baker at CEPR:

Most newspapers try to avoid the self-serving studies that industry groups put out to try to gain public support for their favored policies. But apparently the New York Times does not feel bound by such standards. It ran a major news story on a study by Citigroup that was designed to scare people about the state of public pensions and encourage them to trust more of their retirement savings to the financial industry.

Both the article and the study itself seem intended to scare more than inform. For example, the piece tells readers;

"Twenty countries of the

Organization for Economic Cooperation and Development

have promised their retirees a total $78 trillion, much of it unfunded, according to

the Citigroup report

.

"That is close to twice the $44 trillion total

national debt

of those 20 countries, and the pension obligations are 'not on government balance sheets,' Citigroup said."

Okay folks, how much is $78 trillion over the rest of the century for the 20 OECD countries mentioned? Is it bigger than a breadbox?

The NYT has committed itself to putting numbers in context, where is the context here? Virtually none of the NYT's readers has any clue how large a burden $78 trillion is for the OECD countries over the rest of the century. The article did not inform readers with this comment, it tried to scare them. That is not journalism.

For those who are keeping score, GDP in these countries for the next 80 years will be around $2,000 trillion (very rough approximation, not a careful calculation) so we're talking about a big expense, roughly 4 percent of GDP, but hardly one that should be bankrupting.

http://cepr.net/blogs/beat-the-press/new-york-times-hypes-financial-industry-scare-story-on-public-pensions?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+beat_the_press+%28Beat+the+Press%29

" GDP in these countries for the next 80 years will be around $2,000 trillion "

ha ha !! unicorns and fairies

and the way the trend is with artificial intelligence and robotics very many people will be lucky to even have a job to retire from

Even if the robots were to take over the factories eliminating a lot of jobs, that would not reduce GDP, which is economic output.

It helps to understand the basic concepts when discussing the economy.

It may not effect GDP but it sure will effect consumers ability to purchase it.

[elgordo38]

Germany will be hit in the next 5-10 years with additional billions in pension liabilities to their civil servants. Nowadays it's at 40 billion per year, in 5 years it is 100 billion and nobody to pay. Including millions of non-working non-educated Moslems.

In Europe there are different pensions, one for civil servants and one for the rest. The civil servants pensions are 50%-70% higher than the usual man gets, and they normally get off the work with 60 not like the rest with 65.

Cut the pensions for civil servants. Now. But of course it will not happen.

Call it foresight or whatever but that is the reason I chose to work for the government in 1966. Jealousy will get you no where.

[Naam]

Once again, best to look up a definition. Gross Domestic Production does not count consumption. For both countries like the US which consumes 70% of its own consumption and Thailand which exports 70% of its production, the difference between export and local consumption does not affect GDP. It does show up in a comparison of standards of living, of course.

i don't want to split hairs but the correct definition of GDP is Gross Domestic Product which (i think as a non-native speaker) is more appropriate than Production as services rendered are included in this value.

i would also like to add that GDP figures can be quite misleading especially when used comparing a country's GDP/Debt ratio even though this is done on a daily basis by "learned gurus" and Nobel Prize winners.

no country can service its debt using fictional GDP values. to service and redeem debt revenue is required. one can compare the financial status of a country with that of a corporation that produces goods costing X and sells the goods for value Y. if Y less than X the company will be bankrupt sooner or later or default on its debt.

another example that GDP is partly a fiction. the production value of a bomb dropped by the air force of country A on country B is included in GDP. producing another bomb to replace the dropped one and destroying it later because its shelf life is up is also added to GDP

but then... what do i know? i am neither an economist nor a financial guru and i have never been nominated for any Nobel prize but hard work, mathematics and applied logical thinking made it possible to retire 27 years ago; leading since then a comfortable lifestyle.

[nausea]

Well, I'm glad I worked in local government for a while. These kind of pensions just aren't available anymore. The guy from accounts warned me about trying to cash it out, best advice I ever got.

[nausea]

Well, I'm glad I worked in local government for a while. These kind of pensions just aren't available anymore. The guy from accounts warned me about trying to cash it out, best advice I ever got.

[Asiantravel]

Well, I'm glad I worked in local government for a while. These kind of pensions just aren't available anymore. The guy from accounts warned me about trying to cash it out, best advice I ever got.

that doesn't mean that when the next financial crisis happens your local government pension will not be at risk

Government Pensions: Who Will Go Broke First?

http://manhattancontrarian.com/blog/2014/1/9/government-pensions-who-will-go-broke-first

[Asiantravel]

the situation just keeps getting worse

Pensions may be cut to 'virtually nothing' for 407,000 people

407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says "Not Enough"

A retiree would receive a maximum $35.75 a month for each year worked, according to the fund’s website. (That amounts to $1,072.50 a month for retiree who worked 30 years.)

http://money.cnn.com/2016/05/20/retirement/central-states-pension-fund/index.html?iid=hp-stack-dom

[Asiantravel]

Here’s Why All Pension Funds Are Doomed, Doomed, Doomed

both The Economist and The Wall Street Journal have covered the impossibility of pension funds achieving their expected returns, this reality cannot be a surprise to anyone in a leadership role.

the average public pension fund still expects to earn an average annual return of 7.69%, year after year, decade after decade. This is roughly triple the nominal (not adjusted for inflation) yield on a 30-year Treasury bond (about 2.65%). The only way any fund manager can earn 7.7% or more in a low-yield environment is to make extremely high risk bets that consistently pay off.

http://www.washingtonsblog.com/2016/05/heres-pension-funds-doomed-doomed-doomed.html

[Berkshire]

the situation just keeps getting worse

Pensions may be cut to 'virtually nothing' for 407,000 people

407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says "Not Enough"

A retiree would receive a maximum $35.75 a month for each year worked, according to the fund’s website. (That amounts to $1,072.50 a month for retiree who worked 30 years.)

http://money.cnn.com/2016/05/20/retirement/central-states-pension-fund/index.html?iid=hp-stack-dom

It seems that you're speaking mostly of private pension funds, or pension at the state level. Federal pension, e.g., federal employees, military retirees, social security, etc., are not at risk. The fed can always print their way out of any shortfall.

[elgordo38]

the situation just keeps getting worse

Pensions may be cut to 'virtually nothing' for 407,000 people

407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says "Not Enough"

A retiree would receive a maximum $35.75 a month for each year worked, according to the fund’s website. (That amounts to $1,072.50 a month for retiree who worked 30 years.)

http://money.cnn.com/2016/05/20/retirement/central-states-pension-fund/index.html?iid=hp-stack-dom

Must be Greece. It seems that pensions as well as currencies are in a race to the bottom. Ah heck everything is in a race to the bottom. I am glad I am 78. No fun tonight the US stock market is closed. I like to sit there and laugh as everybody piles in driving it to new highs all based on hot air and BS and Yellenshout. What a circus. I guess the Asia market will meander around for a couple days they have no US to lead the way. Forget about earnings its all about the US market and the greenback. Yes life has really become Looney Tunes.

[Asiantravel]

the situation just keeps getting worse

Pensions may be cut to 'virtually nothing' for 407,000 people

407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says "Not Enough"

A retiree would receive a maximum $35.75 a month for each year worked, according to the fund’s website. (That amounts to $1,072.50 a month for retiree who worked 30 years.)

http://money.cnn.com/2016/05/20/retirement/central-states-pension-fund/index.html?iid=hp-stack-dom

It seems that you're speaking mostly of private pension funds, or pension at the state level. Federal pension, e.g., federal employees, military retirees, social security, etc., are not at risk. The fed can always print their way out of any shortfall.

" The fed can always print their way out of any shortfall "

forever? oh I don't think so just based on historic facts. Eventually people will lose CONfidence

[elgordo38]

the situation just keeps getting worse

Pensions may be cut to 'virtually nothing' for 407,000 people

407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says "Not Enough"

A retiree would receive a maximum $35.75 a month for each year worked, according to the fund’s website. (That amounts to $1,072.50 a month for retiree who worked 30 years.)

http://money.cnn.com/2016/05/20/retirement/central-states-pension-fund/index.html?iid=hp-stack-dom

It seems that you're speaking mostly of private pension funds, or pension at the state level. Federal pension, e.g., federal employees, military retirees, social security, etc., are not at risk. The fed can always print their way out of any shortfall.

" The fed can always print their way out of any shortfall "

forever? oh I don't think so just based on historic facts. Eventually people will lose CONfidence

Your a late bloomer I lost CONSfidence in governments long ago. Liars, thieves, charlatans, lining their own pockets and peeing on the rest of us. As a pensioner they have ruined my currency, give me nothing in COLA and brought interest rates into the minus column thus ruining any extra income on the money I have so judiciously saved over the decades. May they all rot in H

[JimGant]

Liars, thieves, charlatans, lining their own pockets and peeing on the rest of us. As a pensioner they have ruined my currency, give me nothing in COLA and brought interest rates into the minus column thus ruining any extra income on the money I have so judiciously saved over the decades. M

What a load of crap. You sound like a Venezuelan, not an American. Certainly money could have been better spent by Congress, what with all these witch hunts against Obama appointees, etc. But lining their pockets? The US is not even close to being on the corruption radar screen.

Ruined your currency? As against what? The dollar is doing great -- and has been for ages.

As a pensioner I'm sorry you've gotten nothing in COLA. I retired from the Air Force 26 years ago -- and my pension has more than doubled due to COLA increases. Yeah, the last couple of years have seen little to no COLA -- that's because there's been little to no inflation. What, you want a raise based on nothing -- don't you want to do your share in fighting deficits?

You're getting minus in interest on your investments? Sure, rates suck -- but monetary policy to fight Bush's stupidity, to include low interest rates, was needed. And it worked (plus, the interest payment on our debt, due to low interest rates, is great for the country -- be proud). Besides, you say "minus?" -- one year CD's are averaging .75% -- not great, but sure beats your "minus"..... Get out and look around.

And, the wife's airline pension, from a bankrupt airline, was covered by the Federal PBGC program -- and she gets every nickel her pension contract called for. Thanks, Uncle Sam.

So, you're 78 and bitter -- just be glad your not from Venezuela.

[Asiantravel]

the situation just keeps getting worse

Pensions may be cut to 'virtually nothing' for 407,000 people

407,000 Workers Stunned As Pension Fund Proposes 60% Cuts, Treasury Says "Not Enough"

http://money.cnn.com/2016/05/20/retirement/central-states-pension-fund/index.html?iid=hp-stack-dom

It seems that you're speaking mostly of private pension funds, or pension at the state level. Federal pension, e.g., federal employees, military retirees, social security, etc., are not at risk. The fed can always print their way out of any shortfall.

" The fed can always print their way out of any shortfall "

forever? oh I don't think so just based on historic facts. Eventually people will lose CONfidence

Your a late bloomer I lost CONSfidence in governments long ago. Liars, thieves, charlatans, lining their own pockets and peeing on the rest of us. As a pensioner they have ruined my currency, give me nothing in COLA and brought interest rates into the minus column thus ruining any extra income on the money I have so judiciously saved over the decades. May they all rot in H

LOL oh me too ages ago.in fact it's as if those in key positions know we've reached the end of the road so their looting as much as possible while they can

[Asiantravel]

Liars, thieves, charlatans, lining their own pockets and peeing on the rest of us. As a pensioner they have ruined my currency, give me nothing in COLA and brought interest rates into the minus column thus ruining any extra income on the money I have so judiciously saved over the decades. M

What a load of crap. You sound like a Venezuelan, not an American. Certainly money could have been better spent by Congress, what with all these witch hunts against Obama appointees, etc. But lining their pockets? The US is not even close to being on the corruption radar screen.

Ruined your currency? As against what? The dollar is doing great -- and has been for ages.

As a pensioner I'm sorry you've gotten nothing in COLA. I retired from the Air Force 26 years ago -- and my pension has more than doubled due to COLA increases. Yeah, the last couple of years have seen little to no COLA -- that's because there's been little to no inflation. What, you want a raise based on nothing -- don't you want to do your share in fighting deficits?

You're getting minus in interest on your investments? Sure, rates suck -- but monetary policy to fight Bush's stupidity, to include low interest rates, was needed. And it worked (plus, the interest payment on our debt, due to low interest rates, is great for the country -- be proud). Besides, you say "minus?" -- one year CD's are averaging .75% -- not great, but sure beats your "minus"..... Get out and look around.

And, the wife's airline pension, from a bankrupt airline, was covered by the Federal PBGC program -- and she gets every nickel her pension contract called for. Thanks, Uncle Sam.

So, you're 78 and bitter -- just be glad your not from Venezuela.

" but monetary policy to fight Bush's stupidity "

what about Obama's stupidity?you conveniently left out Alan Greenspan fighting tooth and nail after the 2008 crisis to actually stop the regulation of the derivatives market (now with a notional value of $650 TRILLION dollars). now why would anyone possibly want to do that? Derivatives caused the 2008 financial crash and following that they deliberately stopped any attempt to clear up the mess which by now is hugely greater.

[JimGant]

Derivatives caused the 2008 financial crash and following that they deliberately stopped any attempt to clear up the mess which by now is hugely greater.

What planet have you been living on...? Google on "derivatives dodd frank. Oh, here's a clue if your Googling skills are limited (but, admittedly, Dodd-Frank could use a lot of tweaking -- but it was a start to curing the ills of the 2008 meltdown)

On July 21, 2010 (the enactment date), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act, Dodd-Frank or the Act) was signed into law by President Obama (see Legal Update, President Obama Signs Dodd-Frank Financial Regulatory Reform Bill). The purpose of the Act was to restructure the financial regulatory system to restore public confidence following the financial crisis and to prevent another crisis from occurring.

A major component of this initiative is to address certain perceived flaws in the over-the-counter (OTC) derivatives markets that many hold responsible for exacerbating the crisis. Swaps and derivatives are generally covered under Title VII of the Act (Title VII). The primary goals of Title VII are to:

I dunno. Your answer to your following question could be enlightening (or maybe not):

Alan Greenspan fighting tooth and nail after the 2008 crisis to actually stop the regulation of the derivatives market (now with a notional value of $650 TRILLION dollars). now why would anyone possibly want to do that?

[elgordo38]

Liars, thieves, charlatans, lining their own pockets and peeing on the rest of us. As a pensioner they have ruined my currency, give me nothing in COLA and brought interest rates into the minus column thus ruining any extra income on the money I have so judiciously saved over the decades. M

What a load of crap. You sound like a Venezuelan, not an American. Certainly money could have been better spent by Congress, what with all these witch hunts against Obama appointees, etc. But lining their pockets? The US is not even close to being on the corruption radar screen.

Ruined your currency? As against what? The dollar is doing great -- and has been for ages.

As a pensioner I'm sorry you've gotten nothing in COLA. I retired from the Air Force 26 years ago -- and my pension has more than doubled due to COLA increases. Yeah, the last couple of years have seen little to no COLA -- that's because there's been little to no inflation. What, you want a raise based on nothing -- don't you want to do your share in fighting deficits?

You're getting minus in interest on your investments? Sure, rates suck -- but monetary policy to fight Bush's stupidity, to include low interest rates, was needed. And it worked (plus, the interest payment on our debt, due to low interest rates, is great for the country -- be proud). Besides, you say "minus?" -- one year CD's are averaging .75% -- not great, but sure beats your "minus"..... Get out and look around.

And, the wife's airline pension, from a bankrupt airline, was covered by the Federal PBGC program -- and she gets every nickel her pension contract called for. Thanks, Uncle Sam.

So, you're 78 and bitter -- just be glad your not from Venezuela.

I am not from Venezuela I am from the North CANADA. At present my dollar is dropping its .76 and falling. They are talking .60 in the future. Sorry my pension did not more than double over 26 years. I have been retired 23 years and its not even close to doubling and I had a government job. Why would I want to help fight deficits created by a deficient government(s) over the years. You say there is little or no inflation? Come on give your head a shake go out into the real world and shop. My stupid Central bank jerk wants an even lower currency. How can you call a 20 Trillion dollar debt something to be proud of come on get real. Low interest rates to service a huge ballooning debt is surely nothing to be proud of. You say your an American personally I think your Martian.

[JimGant]

Ah, a Northern cousin. Sorry to hear the Canadian dollar and economy aren't doing so well. The finest job in the Air Force I ever had was with NORAD, at McChord AFB (25th NORAD Air Division). About 40% Canadian -- and they were all perfect gentlemen, all played golf, and all carried a jug of "rye" (which I'd never before heard of before) in their golf bags. A finer group of mates, officers and enlisted, you could ever ask for. And the pilots from Comox (Vancouver Island, CF101) were top sticks. Anyway, Elgordo, my apologies -- I thought you were another blowhard Yank.

[CaptHaddock]

Liars, thieves, charlatans, lining their own pockets and peeing on the rest of us. As a pensioner they have ruined my currency, give me nothing in COLA and brought interest rates into the minus column thus ruining any extra income on the money I have so judiciously saved over the decades. M

What a load of crap. You sound like a Venezuelan, not an American. Certainly money could have been better spent by Congress, what with all these witch hunts against Obama appointees, etc. But lining their pockets? The US is not even close to being on the corruption radar screen.

Ruined your currency? As against what? The dollar is doing great -- and has been for ages.

As a pensioner I'm sorry you've gotten nothing in COLA. I retired from the Air Force 26 years ago -- and my pension has more than doubled due to COLA increases. Yeah, the last couple of years have seen little to no COLA -- that's because there's been little to no inflation. What, you want a raise based on nothing -- don't you want to do your share in fighting deficits?

You're getting minus in interest on your investments? Sure, rates suck -- but monetary policy to fight Bush's stupidity, to include low interest rates, was needed. And it worked (plus, the interest payment on our debt, due to low interest rates, is great for the country -- be proud). Besides, you say "minus?" -- one year CD's are averaging .75% -- not great, but sure beats your "minus"..... Get out and look around.

And, the wife's airline pension, from a bankrupt airline, was covered by the Federal PBGC program -- and she gets every nickel her pension contract called for. Thanks, Uncle Sam.

So, you're 78 and bitter -- just be glad your not from Venezuela.

Unlike Thailand corruption in the US at the street level, e.g. cops, bureacrats, teachers, etc. is negligible. Actual American corruption, however, is vastly larger in scale than that, but it's at the top-level of policy-making, specifically, launching expensive wars that are hugely profitable to companies like Haliburton, of which hawk Dick Cheney had been president before nomnating himself as Bush's VP running-mate. It used to puzzle me that the US war machine was apparently not perturbed by its poor record of losing wars (Viet Nam, Afghanistan and Iraq.) But on reflection it's apparent that the war policy is quite successful at its real goal: to shovel money to the war sector, i.e. corruption on a scale that SE Asian governments can only dream of.

In addition to the corrupt war-making function, several of the govt agencies whose job is to regulate sectors of the economy have been captured by them and turned into lapdogs, including the Federal Reserve, Office of Thrift Supervision, FDA, and, after privatization, Ginnie Mae and Freddy Mae.

To ignore the big picture is hopelessly naive.

[Asiantravel]

Derivatives caused the 2008 financial crash and following that they deliberately stopped any attempt to clear up the mess which by now is hugely greater.

What planet have you been living on...? Google on "derivatives dodd frank. Oh, here's a clue if your Googling skills are limited (but, admittedly, Dodd-Frank could use a lot of tweaking -- but it was a start to curing the ills of the 2008 meltdown)

On July 21, 2010 (the enactment date), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act, Dodd-Frank or the Act) was signed into law by President Obama (see Legal Update, President Obama Signs Dodd-Frank Financial Regulatory Reform Bill). The purpose of the Act was to restructure the financial regulatory system to restore public confidence following the financial crisis and to prevent another crisis from occurring.

A major component of this initiative is to address certain perceived flaws in the over-the-counter (OTC) derivatives markets that many hold responsible for exacerbating the crisis. Swaps and derivatives are generally covered under Title VII of the Act (Title VII). The primary goals of Title VII are to:

I dunno. Your answer to your following question could be enlightening (or maybe not):

Alan Greenspan fighting tooth and nail after the 2008 crisis to actually stop the regulation of the derivatives market (now with a notional value of $650 TRILLION dollars). now why would anyone possibly want to do that?

Dodd-Frank

After Five Years, Dodd-Frank Is a Failure

http://www.wsj.com/articles/after-five-years-dodd-frank-is-a-failure-1437342607

[HenryB]

Unfortunately for some time the writing has been on the wall. Nobody is going to look after your future except you. If you want to have a secure

retirement you have to invest in retirement savings plans which are tax deductible, and for the average person doesn't take a lot of sacrifice.

The biggest problem is that it is best started when you are young, and want to buy the boy toys and keep up with the Jones's. One of the best

inheritances you can give to your children is to invest in a retirement saving plan, which can't be touched until they are in their sixties.

Pensions have been for last 60 years nothing but free money

Soon it will stop

That is why for thousand of years no pensions

The answer is to work until you die

Governments can not give people free money to old people to give away to younger women or vocations

Everyone has to work or steal to live

[Asiantravel]

 

Your pension could be at the center of America's next financial crisis

 

Quote

 

South Carolina’s government pension plan, which covers roughly 550,000 people — one out of nine state residents — and is a staggering $24.1 billion in the red. These include former blue collar workers such as roughly 100,000 coal miners who face serious cuts in pension payments and health coverage thanks to a nearly $6 billion shortfall in the plan for the United Mine Workers of America. And when the bill comes due, we will all be in very big trouble.

 

 

 

http://thehill.com/blogs/pundits-blog/finance/325564-the-pension-crisis-will-be-americas-next-financial-crisis

 

[stevenl]

All pensions are nothing more than Ponzi Schemes as all the money you invest in your pension goes to other people and NOT to you and you must hope and pray enough people will join the pension so when you are old enough other people will pay for YOU.

Depends on the system used.

sent using Tapatalk

[Ace of Pop]

Many of us now with pension were told .You pay into it weekly so when yer get old You can live comfortably..Fortunately my Grandfather told me get a Private one as well .Jeez do I thank the Man who was the Family Terror.Sort of worked it out,but per month from 16 to 65 the Private one per pound has returned 60% more than the Brit one,plus my Thai Mrs gets 50 % when I croak for her life time .Dont think it's unfair to say We were Conned as Kids years ago.


Sent from my iPhone using Thaivisa Connect

[Berkshire]

On 3/27/2017 at 10:19 AM, Asiantravel said:

 

Your pension could be at the center of America's next financial crisis

 

 

http://thehill.com/blogs/pundits-blog/finance/325564-the-pension-crisis-will-be-americas-next-financial-crisis

 

If your pension is from a private fund, corporation, union, or even state level, yes, the possibility exists that you may get royally screwed.  But if your pension is from the federal government, then it's "relatively safe."  That's because the US government can keep taking on more and more debt into perpetuity.  Maybe in 100 years it will collapse.  But I'll be dead and the politicians in 2117 can deal with it.      

[Asiantravel]

8 hours ago, Berkshire said:

If your pension is from a private fund, corporation, union, or even state level, yes, the possibility exists that you may get royally screwed.  But if your pension is from the federal government, then it's "relatively safe."  That's because the US government can keep taking on more and more debt into perpetuity.  Maybe in 100 years it will collapse.  But I'll be dead and the politicians in 2117 can deal with it.      

but confidence in the American dollar will not last into perpetuity because it's already toilet paper.

And when people lose confidence in that everything will collapse

 

 

Quote

 

It is no secret, the western dollar-led fiat monetary system is on its last leg – as eventually any Ponzi scheme will be. What does ‘fiat’ mean? It is money created out of thin air. It has no backing whatsoever; not gold, not even the economic output generated by the country or countries issuing the money, i.e. the United States of America and Europe. It is simply declared “legal tender’’ by Government decree.

No pyramid scheme is sustainable in the long run and eventually will collapse. It was invented and is used by a small invisible upper crest of elite making insane amounts of profit on the back of the 99% of us. Since these elitists are in control of the media with their lie propaganda, as well as the warmongering killing machine, US armed forces, NATO, combined with the international security and spy apparatus, CIA, MI6, Mossad, DGSE, the German Federal Intelligence Service (BND) and more, we are powerless – but powerless only as long as we ignore what’s really going on behind the curtain.

 

 

http://www.globalresearch.ca/the-collapse-of-the-western-fiat-monetary-system-may-have-begun-china-russia-and-the-reemergence-of-gold-backed-currencies/5521107

[Asiantravel]

On ‎28‎/‎03‎/‎2017 at 11:18 AM, Berkshire said:

If your pension is from a private fund, corporation, union, or even state level, yes, the possibility exists that you may get royally screwed.  But if your pension is from the federal government, then it's "relatively safe."  That's because the US government can keep taking on more and more debt into perpetuity.  Maybe in 100 years it will collapse.  But I'll be dead and the politicians in 2117 can deal with it.      

signs of the first cracks appearing?........................................

 

 

Moscow and Beijing join forces to bypass US dollar in world money market

 

http://www.scmp.com/news/china/diplomacy-defence/article/2079648/russian-central-bank-opens-first-overseas-office

[Asiantravel]

is this some kind of tipping point?

 

Pension Crisis Too Big for Markets to Ignore

 

https://www.bloomberg.com/view/articles/2017-03-24/pension-crisis-too-big-for-markets-to-ignore

 

Quote

As was the case with the subprime crisis, the writing appears to be on the wall. And yet calamity has yet to strike. How so? Call it the triumvirate of conspirators – the actuaries, accountants and their accomplices in office. Throw in the law of big numbers, very big numbers, and you get to a disaster in a seemingly permanent state of making. Unfunded pension obligations have risen to $1.9 trillion from $292 billion since 2007.

So why not just flip the switch and require truth and honesty in public pension math? Too many cities and potentially states would buckle under the weight of more realistic assumed rates of return. By some estimates, unfunded liabilities would triple to upwards of $6 trillion if the prevailing yields on Treasuries were used. That would translate into much steeper funding requirements at a time when budgets are already severely constrained. Pockets of the country would face essential public service budgets being slashed to dangerous levels.

 

The Ticking Time Bomb That Will Wipe Out Virtually Every Pension Fund In America

 

http://theeconomiccollapseblog.com/archives/the-ticking-time-bomb-that-will-wipe-out-virtually-every-pension-fund-in-america