Pension Crisis: aka I Actually Agree For Once with Glenn Reynolds
I know I’m behind on this one but Conor F. interviewed Mssr. Instapundit about a month ago (a man with whom I wouldn’t normally find myself in much agreement to put it very charitably). Insta responded this way to a query from Conor regarding the most underreported current story in the blogosphere:
The biggest under-appreciated looming crisis right now is the impending public pension collapse. That’s tracked at a blog called Pensiontsunami.com (which also tracks the bad, but not nearly as-bad, private pension debacle). Between payroll bloat, underfunding, and the stock market decline, many cities and states won’t be able to meet their pension obligations. That’s likely to make the housing bubble-burst look minor by comparison, but most politicians are just trying to ignore the problem.
Tragically this is hammer meeting head o’ the nail.
Watch the video above (the whole thing if you can). If you only have a few minutes watch starting at minute 18 to about minute 22 as Dr. David Martin tells you (as someone who actually knows the game) that Wall Street is rigged. It’s a charade and a criminal essentially legal mafia/casino enterprise. The housing bubble has already hit and is still deflating, the credit card bubble is bursting as we speak, and the pension bubble will likely surface sometime this fall or winter. There will be then nowhere left to delay the inevitable reckoning that as a country we have a huge percentage of people entering retirement who do not have sufficient funds for it and the country lacks a basic safety net to protect them. The game will then be up.
[The earlier portions of the talk describe how without anyone noticing it China has already dumped the dollar and that the dollar is heading to a crash. After minute 22 he offers a radical re-vision of an alternative economic future].