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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: suanny who wrote (108972)2/25/2010 10:17:42 AM
From: ajtj9916 Recommendations  Read Replies (4) | Respond to of 116555
 
A 20-year credit bubble burst. That's why the system broke. We have to live with the aftermath.

The public pension systems that have "functioned for years" were only a ponzi scheme. They were never fully funded. They were pay as you go. Perpetual growth was assumed both in markets, population, and tax revenues. When growth stopped, the pyramid collapsed.



To: suanny who wrote (108972)2/25/2010 10:58:04 PM
From: Cogito Ergo Sum  Read Replies (1) | Respond to of 116555
 
Because the boomers are starting to retire. and the next generation is not large enough to support their retirement.

It's basic math.

EDIT: My retirement is fully funded by me by contributing my own dollars to my RRSP (like 401K I guess).. I'm not counting on my government pension to cover much unless my retirement would be bingo..


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