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Martin Armstrong Fears "Pension Funds Will Be Taken To Fund Infrastructure"
Submitted by Martin Armstrong via Armstrong Economics blog,
The G20 Central Bankers and Finance Ministers met in CAIRNS, Australia, Sept 21st, 2014. This Summit reflects the attitudes about manipulating the economy where they just do not get it.
Christine Largarde, head of the IMF, announced “I congratulate the G20 for significant progress in strategies for medium-term growth.”
[ZH: Hint - they're not working...]
However, Lagarde is a lawyer – not a trader, economist, money manager or anything that has any experience whatsoever to do with the economy. It amounts to me trying to be a obstetrician, gynecologist, or a divorce lawyer no less a brain surgeon. Yet she would be the first to say anyone without a law degree cannot understand the law. I dare say the same to her – you are not qualified. Such positions should be reserved for ONLY people with experience – not even university professors.
* * *
I warned what Obama was up to with the pension funds in trying to create a Infrastructure Fund.
Calpers, California pension fund, is selling off $4 billion of hedge funds to divert that money to be wasted in Obama’s dream project – infrastructure fund.
This idea was floated and endorsed at CAIRNS. “We have agreed to come away from government-financed growth measures to more private investment,” said Australia’s Finance Minister Joe Hockey. These are being called Public Private Partnerships (PPP), and will be extremely critical in the future for here lies the final destruction of the pension funds precisely as Japan bankrupted the Japanese Postal Saving Fund using that private money for political purposes to try to stimulate the economy, which failed. With PPP, public funds will be sold to the public as being a highly professional long-term investment that will further shrink economic growth and liquidity. They cannot possibly work.
Those in government think that is they simply spend money that will “stimulate” the economy.
These people will simply NEVER just reduce regulation and taxes to encourage people to start their own business. Small business employs 70% of the civil work forced yet banks will lend only to big companies and the real economic engine has been slowing turning down for years since 2009. It is down in Europe sharply. Even in Europe, 2 out of 3 jobs are small business (defined as 50 employees or less). Nonetheless, the numbers appear to be far better than they are. As unemployment rises, many are simply fending for themselves in various manners but this is really the micro business market defined as less than 10 employees.
Obama’s idea of a Global Infrastructure Initiative to increase quality investment, particularly in infrastructure is merely to displace government spending with using pension money. In this way, government will not have to do the work and hopefully any tax increases will go to just filling their pockets.
How do pension funds make money on repairing infrastructure unless tolls will pop up everywhere.
They are using pension from to avoid the image that someone like Goldman Sachs or Berkshire Hathaway will be collecting tolls.
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No, they'll just be given to Warren Buffett, George Soros, and the Kochs.
I do not think the Kochs are on the take in general. They are quite Libertarian. The others are theives. Anyway, what is the revenue source of the "infrastucture"? Ah yes, taxes. So here we go with a sneaky confiscation of pension money to buy what are basically government bonds.
Yes, the "Public Private Partnership" got a nifty little workout recently in Newtown, CT.
1) stage fake murder spree at an elementary school whose physical plant is perfectly sound
2) knock down the school to destroy the evidence
3) General Electric ponies up a bunch of money to help build a new school. Taxpayers eat the rest of the bill.
4) local contractors (and politicians!) profit
5) oh yeah, guns are evil and must be confiscated. FOR THE CHILDREN.
I can't understand why all the children were not rushed to local hospitals to see if any could be resuscitated. And why would you tear down that school only to build another one on the same site. Seems the site should be left with a few trees planted as a memorial. Does not make sense, to me, anyway.
Doesn't make sense? Of course it doesn't make sense. It was a straight up fucking HOAX.
Listen Mars,
Let me be clear here. When you type "HOAX", it's a trigger word that makes Tyler post another story about "GOLDMAN" Sachs.
Careful.
Pretty interesting analysis - in fact, many of her points pretty hard to explain away.
https://www.youtube.com/watch?v=gOiwDafMCbU
Heaven forbid those children you speak of may be wearing uniforms and wielding those guns one day.
Anyone who defends the Koch scum brothers is either a crook, a fool, or both.
It's always interesting when a tool comes out of the shed
A Koch fan? What will you do for an encore to your witty comment? Rape a rabid skunk? Blow a deranged chimp? I am the shed you tool!!!
LOL
Anyways the Kochs are huge but I think they've been more or less honest.
The others mentioned above, not so much...
Talking about tools. Hockey is one. A bumbling idiot.
During the collapse, tptb. realizted they weren't ready for all hell to break loose, so they pumped money into the markets to levitate the pensions until they could pull the plug and maintain control.
The shit has already hit the fan. Those numbers in your bank, 401k, ss, ira, and pension accounts can turn into pennies on the dollar in a heartbeat. The money masters designed it that way.
Chris is one Fugly dude
Yes this is going to work out well, just well. Everybody and I mean everybody have to see that when they start grabbing at everything it means the end is near.
Pensions are being taken to fund infrastructure already, how about just eliminating the fucking middlemen and all their fees... honestly, I would be happy with that alone.
"We would have replace the dollar itself as the medium of exchange."
Oh, wait...we've already done that.
We would have replace actual OIL as a physical commodity...
Oh, wait ...we've already done that too!
We would have to replace...
If you have oil, you have calories available for consumption and you can actually get some work done. Everything else is just noise, period.
And when pension funds lose big money the government will have to bail them out
"Who could have seen it comming??"
Everyone in Congress must know that already. PBGC is borrowing at least a Billion a year and declining or reducing pension benefits each year as a result.
Looks like $5.9 Billion paid out in 2013 from PBGC and has been expanding since 2008.
https://en.wikipedia.org/wiki/Pension_Benefit_Guaranty_Corporation
Looks like $43 Billion a year for Highways:
Highway Trust Fund Outlays 2013 = $41,742
Highway Infra-Invest Rec Act 2013 = $1,116 M
This also looks like Infrastructure:
Total--Tennessee Valley Authority Outlays 2013 = $65.8 Billion (what is happening here)
You almost made a point there. Good try.
Listen Puppet, I don't see you posting official info or links or educating any one.
I guess you spend a lot of time sucking your own dick.
Fascist Prick. Keep everyone Down is that it. Something like that, Agent.
Hey stop taking government wages or employment from government contracts before you try to explain yourself while earning Federal Contract money.
Muppet:
Daily ZH reader for several years. Retired. Conservative. Daily follower of economic blogs. Well read on foreclosure fraud. Closely follow John Hussman's weekly blog. Supported Ron Paul.
So do I asswipe. You pissed me off. Like a lot of jerks you feel no urge to educate or pass on knowledge.
Re-ass-ssess yourself and stop being so catty. Try listening and try to teach. Might be called having an open Spirit.
"a highly professional long-term investment..." In the long run we're all dead and government has confiscated your life savings. Precious metals have no memory.
www.traderzoo.mobi
"This Summit reflects the attitudes about stealing wealth from populations to fund lush elite lifestyles."
Fixed it.
And yes they'll grab retirement funds one way or another.
They will try to grab ALL funds.
Pensions are just the first step to the .gov collective.
Liquidating the walking laibilities ,la Pol Pot, follows right after.
I remember reading a survivor's account of the pol pot reign. At one point, the government was so broke, they didn't want to use bullets to kill the citizens (note: their desire was to kill everybody older than 12 and start over by brainwashing the young). So, they'd pickup a load of villagers, drive them a few miles out of town, and release them (one by one) to go back home. Around the corner, a couple soldiers with sticks were there to beat them to death.
Anyway, our government will likely be doing that to pensioners soon.
That's some scary shit. Nothing like a survivor's first hand account to drive the point home.
Everything is crooked and manipulated but the gold market, eh Martin.
...and as I'm reading the article and the comments, there is an advert in the right column for a "high yield" savings account paying 0.95% interest from Synchrony Bank.
Can't make this shit up.
High Yield! I have a credit card issued by that same bank and they offer 1% cashback on all purchases.
Spending is rewarded and savings punished!
In regards to pic of Legarde: If my dog looked like that I'd shave his ass and make him walk backwards.
Why is it that these NWO dykes all look like dried up old heroin addict whores?
No money or gobs of money the cunts all look the same fucking ugly
Changed. Puppet Beater, Muppet;
OWS has some good to it. They are learning about Corruption.
They got a few things Right. And they educate each other and inspire others to learn about banking, Finance, Taxes, Wall Street, Washington DC Corruption,... the Federal Reserve, the SEC, FTC, CIA & NSA & DHS.
No doubt in my mind they Network with others in Europe and learn more through that process.
1) They know that Big Corporation can be slow to change, can be financially incompetent, corrupt in focus, and slow to react to other markets, competition, and new ideas, Big Example is the US Big Three Auto Makers
2) They know Lobbying buys Politicians and corrupts US Laws, Law Enforcement, Legislative Process, Media, Washington Public Releases, and they know politicians are looking for personal advantages in addition to career advancement, Big Example is Agriculture Subsidy
3) They know that the US Government has stopped working, Budget Making has stopped, Declarations of War from Congress has stopped, War has become the USA's Main Business and Lobbying Force, MIC is hugely Powerful and creates War, all of this means A Big Silent Coup has taken Place in Washington DC
4) The Values of the USA are not being lived up to by Washington DC, K Street, Madison Avenue, and Wall Street, The Identity of some Occupy Protestors & G20 Protestors has been shattered, and the is No Good US Leadership Either in Private Business that will Speak Out... and no Good Leadership from National Politics, The people that run this country are illegitimate Rulers, They don't represent the people on Main Street, The Represent Profit Makers & Rent Seekers... and nothing more as war is a Racket, War is Business, War is GDP
If there was a value added tax on contributions here, TPH would get away scott free for these penney free thoughts. I'll never get back those 2.8 seconds wasted.
Right back at ya Buddy. By the way, what is your avitar pic. Looks like a peppermint condom.
.
The real question is, tenpan: Would you...? For a $million...? You gotta tongue every crack though - no skimping... C'mon - you could do it. You could, right...?
The time may come when the only pension we have is the heirloom seeds in our hip pockets.
What a nearly incomprehensible load of crap. When did this convicted felon become an authority on anything?
Who, Lagarde or the article writer?
Take your pick.
What a face. Mickey Rourke's prior plastic surgeon, even with all the mistakes would be a noticeable improvement. No wonder the dogs howl around her.
Mickey Rourke thought he could box. Put his asset out to slaughter.
In the same way that large insider firms get all the foreclosed house business, large insider firms will get all this business as well.
Corporate Welfare, it never stops.
Public Private Partnership = Fascism
Private prisons, private (magnet) schools, private security forces, private construction companies building public facilities - they cut away the red tape and operate more efficiently, don't you know? Let us not take into consideration the MONUMENTAL opportunity for graft in the form of campaign contributions and the VILE incentive to not only dismantle the 'competing' public institutions, but to grow the business by intervening in the public policy arena via now UNLIMITED CONTRIBUTIONS ON POSITION ADS (so says the SCOTUS).
here's the problem we all need to concentrate on solving:
redesigning the game to achieve the following minimum human development goals:
Freedom should work if we gave it a try.
This is something for the Financial Engineers to feast on, and a lot of this is over my head, but be assured, the Wall-Street Bankers will skim the shit out of the engineered financial instuments. Pensions are the last great pool of the people's money, is it any wonder Government and Bankers are now going to go after it with a vengance. And they will crow about all the good they are doing for us, while three decades from now the great story of how America's pension funds were skimmed and looted by a Public/Private partnership will be breaking through the decades of lies and coverups they will surround the back room deals and built in profit margines of the bankers, and fees upon fees upon fees upon fees upon fees upon fees.
When they claim to be doing us good, we know for sure the crony capitalist US Government and corrupt bankers are going to ream us up the ass good on this one.
Don't forget the fees.
Ha! Ha! Did I forget to mention the Fees??
Spot On. The remaining pool for raids including the mutual funds. Yet muppets who hv been repeatedly warned continue with their fixes. These Public/Private Partnerships that are contractions of Croynism are abound in many other nations. US/EC perhaps having its first taste of these toxics.
She used Pelosi's embalmer to do her face lift. Same result. Feel that tingle?? You are turning into a pillar of salt.
Martin, hire a proofreader. Or as he would write: hi there a poof rider
Oh yes. PPP´s are great. We tried them here in Portugal in the last 20 years. We´ve built bridges, roads, ports, hospitals that we´ve already paid five times over to the concessionaires, and our economy is growing and our debt is one of lowest in Europe.. all because of these brilliant Public Private Partnerships... What a bunch of BS.
Repost for Muppet the puppet Sucker.
----
Did you hear the story of what happened when John D. Rockafeller heard about "Communism"?
Well see there was a banker that set up a meeting to discuss this very important trend from Europe. It was about 1890 just when the Robberbarons had become the richest men in America (or the World). In attendance was none other than John Pierpont Morgan, himself.
Banker: Sir this is a populist movement an offshoot from Socialism called Communism who ideas were put forth by Karl Marx and Friedrich Engles. We believe this is a strong and dangerous trend in view of the Union movement of workers. Mainly the idea is that all men are equal, capitalism is bad, and all men should earn the same amount of money and work for the state and for the future of the state. This equality extend to luxuries which they claim are unfair to those that don't have them.
John D: Well then under communism all men are poor.
JP Morgan: Yes, quiet true. And we may want to fight this with the full power of the government & military. Or alternatively we might want to make it a political issue and try to turn it to advantage.
John D: You mean we could convince people to accept low wages if they think they are serving the state?
JP Morgan: It would be a great victory. The trend now for strikes and workers unions is to ask for more money. And it seems that under this "Communism" they plan to educate the people to prepare for a Revolution.
John D: Well... it seems like the Strikers are plenty educated already. We have to get out in front of this. Perhaps we can start educational foundations to influence what is taught and to keep education limited to "Capitalist Ideas.
JP Morgan: We have to address several sides all at once, political, educational, military as we have in Latin America and the Islands, and our supervisors and managers will stress the principals of success that we need for our factories.
John D: So, we declare war on Communism, suppress communism, suppress the workers unions & strikes, and set up educational foundations and go to work on universities. Plus we will always need more workers coming to our factories and America to keep wages competitive (low). However we will continue to import produce or whatever we need from outside. But how can we really make Communism work for us in the USA?
JP Morgan: We will know more as we work through the "Set Up" of your foundations. Firstly we will use Psychology from Europe, I know a few good men. Secondly we rely on principals of not upsetting the people, letting people have their sports and families, letting them be distracted by the things we want to teach them. We will repeat the messages we want successful workers to learn to be successful. A man will be judged by his success and how he works. The value here is work. Be on time for work. Follow a Schedule. Don't waste time eating or taking breaks. The hard workers are successful and loved by other men.
John D: Very good. I think we can set some strong goals for our new Foundations. What about this "Economics" study? Do you think you can use their work?
JP Morgan: No. That may actually be traced to Socialist Ideas. We can incorporate it into the Foundations Educational work, but only to claim it as our own. Yes, it is good to be in front of trends. We will look to claim History, US History, Government Studies, Cultural Studies, Literature, communism & economics. If we are smart we can have our people teaching all of these subjects to not only workers, university students, teachers, but also to our Politicians and Government Leaders.
John D: Look, we need debt to bring people to us. Communism won't be accepted without a huge debt scare or bank scare. Is that what you are thinking?
JP Morgan: Yes, either debt or expenses, control over the product they need or the service they want. War brings people to their knees. War depletes the treasury of all countries, but their money flows to the sellers and the bankers. Then they have to ask for more money. people will accept this idea of working for less to help the state, just as they accept going to war to help the state. The only block is the US Constitution and the workings of each independent state of the union. War & Debt is the key. It is the cycle of all countries. Lawyers will also have to be part of our educational process within the foundation work and that means universities too. Probably we will train the people who will later become the justices in all of the courts and the legislators in all of the governing bodies. People come quickly around when explained to them why they work. The Law and the Government takes long range planning and conditioning. But they have to come to us in the end for financing. It will be a great victory.
John D: Someone is going to win & someone is going to lose. We are going to win. We are going to build the biggest companies along with cities & states. Pierpont, you are coming with me. You have to set up the banking system so that we can get the financing. Now, tell me about that Central Bank.
JP Morgan: Don't worry about that Sir. It will take some time. Whether we have royalty or politicians then need us and will do what we tell them. In the US we have it much easier. Just give us time and we will have all of the politicians pulling for us.
And so "Communist Ideas" were adopted officially in the USA in 1997... just before bankruptcy laws were strengthened, Sub-prime mortgages took off, Citibank Merged with AIG, and Glass Steagall Act was repealed.
Final Phase of Banker Installed Revolution can only occur after total economic collapse and collapse of the US Government.
So Capitalist & Bankers & Government Military & Police can hijack any political movement in order to gouge more Tax Payer money or act our Fascist Fantasies on the people.
Psychopaths love this shit. Right Muppet.
What these PPP actually mean is this:
Private companies will put 10-20% of the money down, leech the government for subsidies for another 10%-20% and borrow the rest. What happens then is that the taxpayer will end up with paying to a private company for an asset/service that could have been free, most or all of the business risk sides with the State, and if the next government tries to nullify the contract claiming precisely that, the financial fearmongers come out screaming that it will bring down the banks and will cost even more to bail them out.
Bechtel did exactly that in Bolivia for water and electric facilities - after privatization they raised rates to the point people couldnt afford the water bills
mass riots ensued and finally Bechtel left town - turned it back to the state and then sued for lost opportunity profits
Leucadia National Corporation same game different asset and country
Remember "Confessions of an Economic Hitman"? I just found this at the G20's own website. They specifcally note "pension funds".
Investment and Infrastructure
Investment, particularly in infrastructure and small and medium enterprises, is important for economic growth, job creation and improving productivity, including in low income countries. The OECD has estimated the global infrastructure gap to be US$70 trillion by 2030, and that this gap will continue to grow.
There are adequate global funds available for infrastructure investment in banks and institutional investment portfolios (like pension funds). The G20’s challenge is to reduce the barriers preventing productive investments, so more of this capital can be connected with investment and infrastructure needs. Neither governments, nor multilateral development banks, can finance large global infrastructure needs on their own, so Australia is working with other G20 members on a multi-year approach to leverage greater private sector investment.
This includes identifying and implementing country-specific actions to improve policy and institutional settings and make countries more attractive to potential investors. These actions will form a key part of the country growth strategies that will be delivered to G20 leaders in Brisbane in November.
The multi-year approach will also include measures to facilitate the flow of savings to productive investments, including easing regulatory barriers to financing and developing local capital markets. The G20 is considering how the efficiency and effectiveness of multilateral development banks, such as the World Bank and regional development banks, can be enhanced to boost financing for infrastructure investment. Work is also being done to improve the planning and prioritisation of investment projects, including public-private partnerships.
Link: https://www.g20.org/g20_priorities/g20_2014_agenda/investment_and_infrastructure
Yes, Read Secret History of the American Empire by John Perkins. His chapter on Indonesia seems to highlight all the money that goes into building infrastructure through IMF/WB Loans, that lead to follow-on Oil Development. the people stay poor though through all this investment.
Seems there is a period of development, then industrialization, and if Leaders pocket all the money and take side deals... the country is broke or not able to raise funds to continue projects of all kinds.
Interesting Link above.
I'm not that good with book reports. But Melissa Rossi also writes about this Scam in "What ever American should know about who is really Running the World". She mentions water utility companies in a whole chapter.
Somebody, please, stop posting pics of the LeGarde dude.
It's all about risk and has little to do with image, as the author surmises.
The neolibs believe that the government shouldn't be building big infrastructure projects anymore, that the private sector can do a better job of it and PPPs were launched in Australia as a way to get this happening. In response to popular demand (eg Sydney tunnel project), the gov't would launch an infrastructure project, but leave the funding and management partially (or fully) in the hands of the private sector. In return, the private sector would negotiate a revenue deal that would recover the investment, then profit, usually by permission to issue direct charge to the infrastructure user (tolls) and usually with a taxpayer sweetener to kick it along, such as the gov't agreeing to pay for future maintenance work.
The whole process would, of course, end up being more expensive for end users, but we'll just ignore that because hey, the gov't can afford to cut taxes a little and look good, and the companies can replace that reduction with a bigger expense (profit is a private sector tax), so for all the big guys it's a win-win and fuck you loser.
Only they screwed it up by being idiots. A few PPPs have failed and private sector investors have blown a lot of cash in the process:
http://www.news.com.au/national/breaking-news/airport-link-failure-a-tot...
http://www.itbdigital.com/opinion/2012/07/13/building-the-perfect-public...
Now the private investors are shy, but the dogmatic neolibs are having none of it, so they're just going to go ahead and push for superannuation funds (public and private) to be given permission to invest in PPPs because managers have less aversion to risk.
A better idea would be to fix the problem in the first place, coming up with more sensible revenue systems. Better yet, would be to kneecap the neolibs for once, stopping their relentless push to break what worked well in the name of their own profit, and go back to the "socialist" method that served capitalism admirably during the golden decades, thereby cutting Wall St out of the deal entirely, leading to lower costs and optimal usage as just another complexity adding and cost adding middleman is removed.
I just have to say this to all the cops out there that brutalize and kill the innocent, that violate the oath they took to defend the constitution, you dumb bastards it's what we've been telling you all along, your pensions will be stolen and I have no empathy for you, as most of you have shown no empaty for others.
I'm not sure I approve of using American workers' pension funds to finance a giant "Global Infrastructure Initiative". Everything "global" our government finances turns into a massive counter-productive money-sucking clusterfuck. How about we think global but act local?
Look at Detroit:
There are thousands of abandoned properties on the city's books that need to be demolished. They're vermin-infested fire hazards, unfit for even crack houses. Apparently it costs the city $10,000-$50,000 each for demolition.
Meanwhile, a million Detroit young people have nothing to do all day but hang out. They live on EBT cards and whatever "hustle" they can pull off.
Why not outfit this potential workforce with sledge hammers, work gloves, wheelbarrows, pants that fit, and proper footwear? Put them to work for $20 an hour wrecking shit. Hire job bosses from the ranks of unemployed Detroit Construction Union workers. Big damn burley dudes with arms like tree trunks who know how to work hard, bark orders, and demolish shit without anyone getting hurt. Unemployed social workers, community activists, professional "people persons", and people who play golf need not apply.
Fund this Infrastructure Initiative with the money saved by getting a few thousand Detroit young people off the dole, and not having to pay $10,000-$50,000 just to tear down a damn derelict house.
The young folks get to wreck shit, which many are good at already, and earn some decent money, which would be a new experience for them. They learn to work hard at something under the supervision of someone who knows what the Hell they're doing, a valuable experience in life.
If the government entities could put together a program like this and make it a success, perhaps they could then talk about moving it beyond the City to the State level. I don't think the government is ready yet to tackle Infrastructure Development programs on a global scale with pension fund financing.
From the perspective of TPTB, it is better to get the Global Infrastructure repaired before unleashing the worldwide ebola pandemic than after. Let all those construction workers turn the planet into a modern park and then pull the plug on 90% of humanity. If the work isn't done before The End arrives, you don't really think people like Obama or Soros or Lagarde are going to roll up their shirtsleeves and pick up shovels, do you?
In the meantime, why don't they simply arrange a Convention for Arsonists in Detroit and say "Have fun, guys and gals"?
They put their pants on the like the rest of us. But they feel important. One foot on the bananna peel is on foot on the peel.
Tim Geithner used the term "Public-Private-Partnerships" quite frequently. At first they sounded nice but after the last 15 years I realize it is just fascism.
Yeah, I've seen some stories or articles about Privatization in the US Military having to do with BRAC, Base Realignment and Closure... Well it was in the 1990s nearly the same time as BRAC, which is a Congressional Act.
Mostly these seem to be Actions that occur after Intense Lobbying Efforts. The Biggest Lobby Group is in MIC. The Focus is taking over Military/Government Function. Some of the Information online is about management of Installations and Bases. For instance, each military base might have separate electricity, water storage, water environmental controls, fire department, police department, base engineering and installation maintenance to do the civil engineering side walks, roads, waterways...
So you can see where Military Installations power & Water were privatized. And in war the camp or installation must have all of these kinds of facilities... so the government lays off utility personnel and... then has to take contractors to war.
But there is no end to contracting out or privatization and like in Atlanta if the water company can't tax the population or make huge profits on contract with the city... they just pack up and leave. You have to sue them.
And you know how good the government is about suing Contractors that Lobby them in Congress!!!
Did anyone notice that Jack Lew said that climate change is having an effect on the infrastructure in the U.S.?
This dovetails with Martin Armstromg's observation that obama's goal is to divert pension funds to what amounts to government obligations.
So Jack Lew creates the legend of a problem, using the pet government bogie 'climate change', to further the political aganda of the most mephitic president ever.
Well they have to tap the private money now, you can't spend away deficits, you can't rein in the costs of maintaining an empire or our carefree 1st world living standards, and you can't just print moar money without people smelling something funny, and now even banks seemed to have said we've printed enough we can't print any more.
so where else can you find the money to maintain it all, taxes?
this is as good a reason for people to learn how to be financially literate and look after their own retirement savings, pension funds will always be on the hook as suckers of last resort.
PPP is the new acronym for fascism?
The recent drum beats and flames of war have distracted many people from focusing on the economy. The markets are extended beyond beyond, all this comes at a time when the IMF is calling for more QE. It seems this might be a good time to review the reasons this is economically unsound and a bad idea while markets are setting new record highs and economies continue to struggle.
The policies of the last six years have yet to produce the desired and expected results promised. As a consolation many economist, bankers, and those who have benefited greatly tell us we would be in far worse shape if we had not taken this course. Now it seems Central Banks and the IMF are clueless on how to proceed and a policy going forward. More on the lack of a clear path in the article below.
http://brucewilds.blogspot.com/2014/09/central-banks-and-imf-clueless-on...