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kevthorne
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The Federal Reserve to Pensions: Suspend Disbelief Indefinitely - USA GOLD - USA Gold

This 'low interest' theory is flat out nonsense - the public pensions have essentially been a Ponzi scheme (in the UK) since at least 2000 - the fund managers (including those of the private sector schemes) approached the Finance Minister of the time, Mr. Brown, to ask how they would keep remittances paid, given the loss of contributions from working members. They were told to start being 'more creative in their investment strategies.' Of course, they were worried about the risk, but were given assurance that the government would be there to help out, should anything go wrong.
This is about the time of the 'Brown Bottom' when the BOE sold most of it's gold reserves - at one of the lowest gold-to-sterling prices in history. Sadly, the fund managers decided not to bother purchasing this 'worthless' asset that provides no return - instead they invested in 'the sure thing' of the Icelandic Banks - we all know how that ended, and T-notes. Personally, I regret never buying PM's at the time - the astute reader will see why - and not long after this, the earliest retirement age was increased by five years, to age 60.
Now, it is a legal requirement that ALL employees participate in a work-place pension, or face dismissal.
The problem all along has been, and will be, too much fictional or artificial, currency in the system.

Commented 2868 days ago

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Beginning of the headline :by Danielle DiMartino Booth 02-Nov (MoneyStrong, via LinkedIn) — Dissent is in the air. Soybean-export driven economic growth has given hawkish Federal Reserve policymakers a fresh raison d’etre to dissent in favor of an interest rate hike at today’s meeting. Hike today or be buried in regret for having been behind the curve. It’s true that (measured) inflation does indeed appear to be emerging from an extraordinarily long hibernation. But it sure would be nice to hear news of a different kind ... Read More

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