If there is to be such a thing as the Battle of Armageddon then it is taking place right now in the domain of human consciousness.” – Thomas Sheridan
What’s a Trillion Dollars? No one even knows, yet the massive world debt, not even counting derivative debt in the hundreds of trillions, will at some point, have to be accounted for. This will end up being debt servitude for our children, no retirement for the Baby Doomers and an ownership/slave society not seen since…..
In 1996, FASB, the Financial Accounting Safety Board, allowed corpserations to steal/borrow out of their pension funds…money paid into by their workers. They were allowed to leave an IOU and keep the cash. Now, some 20 years later, the debt obligations are so big, so large that to understand how this will play out is easy. We all will be told we have to “do our part”, bank bail ins begin by stealing money from our bank accounts, like they are doing in Greece, Cyprus, Spain, etc. and all will feel the effects of negative interest rates where the more money you have in a bank, the more you lose.
Every man women and child in the U.S. owes over $150,000 in government debt, along with their home debt, car debt, student debt, etc…this will not end well at all.
March 16th, 2016
Dreams of lengthy cruises and beach life may be just that, with 20 of the world’s biggest countries facing a pension shortfall worth $78 trillion, Citi said in a report sent on Wednesday.
“Social security systems, national pension plans, private sector pensions, and individual retirement accounts are unfunded or underfunded across the globe,” pensions and insurance analysts at the bank said in the report.
“Government services, corporate profits, or retirement benefits themselves will have to be reduced to make any part of the system work. This poses an enormous challenge to employers, employees, and policymakers all over the world.”
The total value of unfunded or underfunded government pension liabilities for 20 countries belonging to the Organisation for Economic Co-operation and Development (OECD) — a group of largely wealthy countries — is $78 trillion, Citi said. (The countries studied include the U.K., France and Germany, plus several others in western and central Europe, the U.S., Japan, Canada, and Australia.)
The bank added that corporates also failed to consistently meet their pension obligations, with most U.S. and U.K. corporate pensions plans underfunded.
Countries with large public pension systems in Europe appear to have the greatest problem. Citi noted that Germany, France, Italy, the U.K., Portugal and Spain had estimated public sector pension liabilities that topped 300 percent of gross domestic product.
Improvements in health care mean retirees need to string out their income for longer. Meanwhile, the increase in the retirement-age population versus the working population is straining government pension schemes.
In order to graduate from high school in Louisiana, students will soon be required to apply for federal financial aid for college.