Friday, April 12, 2013


No doubt our pensions are screwed

What this article fails to explain is that the government wants to devalue out of -government- debt. Which it can do by pushing interest rates out into private sector. It is not quite the grand general saver to debtor transfer. The gov. locks in at 2% for 15 years with central bank assistance, the private sector picks up the actual interest rate costs. Probably there will be a mix of savers losing pensions and debtors facing increased repayment costs. When the wealth of a country turns out to ephemeral, there aren't so many different ways to slice it.

Posted by stillthinking @ 05:28 AM (1740 views)
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One thought on “Appropriation

  • It’s the politics of Zimbabwe – the central banks print, and the government spends mainly to keep themselves in power….and the tax payer picks up the bill.

    the crisis isn’t over yet — not in the United States and not in Europe.

    Only just getting started.

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