Defined Benefit Pension Plans are, in many cases, a ponzi scheme. Current assets are used to pay current claims in full in spite of insufficient funding to pay future liabilities... classic Ponzi. But unlike wall street and corporate ponzi schemes no one goes to jail here because the establishment is complicit. Everyone from government officials to union bosses are incentivized to maintain the status quo...public employees get to sleep better at night thinking they have a "retirement plan," public legislators get to be re-elected by union membership while pretending their states are solvent and union bosses get to keep their jobs while hiding the truth from employees.
We even published a note several days ago entitled "Establishment Tries To Suppress "Dissident Actuaries" Explosive Report On Public Pensions," which pointed out that the American Academy of Actuaries and the Society of Actuaries killed a report that would have warned about the implications of lowering long-term expected returns on pension assets. Apparently the truth was just too scary.
Bill Gross has been warning of the unintended consequences of low interest rates for years, and reiterated his concerns toBloomberg recently:
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9 comments:
Fraud. Criminals all of them.
It is outrageous that they have also turned Social Security into a Ponzi Scheme as well. It was not a Ponzi initially. It was funded for the future, but the Congress (under Clinton) stole the Trust Fund.
First ones to lose out should be Politians including POTUS down to the lowest Politian past present and future. They work 8 years and get full retirement and spouse gets check also.
Join the club,my 401k has lost money for the last 5 years.
6:32 You need to change brokers! Do some homework.
What I just saw from the Maryland State Retirement agency said the pensions were only funded at about 67%.
The rest of the money that was supposed to be appropriated for it has been stolen by liberal democrats in the General Assembly to fund other things.
Isn't that precious?
Global financial collapse will be forthcoming along with the destruction of the Petrodollar and the U.S. dollar as the world reserve currency. The “death of the dollar” has been talked about for many years but will be finally realized. Don’t get duped into believing the “useful idiots” who say, “Everything is wonderful, we’re in a “Golden Age” and there has been doomsayers around forever.” Mark these words, the day is coming for a ONE WORLD CURRENCY, ONE WORLD GOVERNMENT and ONE WORLD RELIGION.
Another sign of the times, cheap gold, cheap gas, and cheap oil. This should set off alarm bells in everyone’s head, what comes next? In a year or so, something big will happen. The dollar, the stock market will be crushed.. could it be a nuclear war? a cyber war that will dismantle the power grid? No one knows. But what we do know is it will be engineered to be that way, because the Bilderberg elites have been talking about this event for decades.
Simple solution to the math problem. Public employee pensions are DELETED!
Sorry, but the working people in this country are saying NO MORE!
I've got my ONE CALIBER voting booth. Come down my driveway to secure a vote.
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