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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 494.42

+3.8%

Jan 28 4:00 PM EST

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To: Arran Yuan who wrote (59643)	1/10/2010 4:54:35 AM
From: elmatador	1 Recommendation Read Replies (1) of 219856

It is structural. It is not cyclical, I keep saying. This time there won´t be a return to the known medium. Not acknowledging this has made the situation worse than if it had been dealt with severely, painfully but resolved for good. The US state machine requires deep and painful cuts. The government cannot come out in the open and say: there´s need to cut deep and painfully. That because the politicians are long used to vote buying and won´t let it happen. The accounting treatment of public retirement plan is the political leper colony of government accounting. It is a no go zone. US public pension fund faces a USD2.000bn short fall. This is USD two trillions!!! This higher than expected shortfall will increase pressure on many state's strained finances and crimp economic growth according to the chairman of New Jersey pension fund. A shortfall of that size could force state governments to take unpalatable decisions such as pouring more public money into their funds or reducing pension benefits. State and local goverments have already cut spending to close budget deficits. Outdated accounting models and unrealistic expectations of future returns had led states to underestimate their pension requirements. (Financial Times January 5th)

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