“Unfunded liabilities”

Thatcher 01

Thatcher’s actual quote was, “Socialist governments traditionally make a financial mess. They always run out of other people’s money. They then start to nationalize everything, and people just do not like more and more nationalization, and they’re now trying to control everything by other means.”

~ Interview with journalist Lew Gardner for Thames Television’s This Week program 5 February 1976.

Either way it’s a lie, since the U.K. government does not use “other people’s money.” It creates its spending money out of thin air, and therefore can never “run out” of money.

Thatcher might as well have said this…

Thatcher 02

Liberals and conservatives both depend on the lie that the U.K. government runs on loans and on tax revenue.

Conservatives use the lie to say, “Cuts in social programs are the only thing that save you from having all your money stolen by liberals and given to the poor.”

Liberals use the lie to say, “Increases in taxes are the only thing that that save you from having all your money stolen by conservatives and given to the rich.”

Both sides are lying. Both sides cause the gap to widen between the rich and the rest.

Incidentally the lie works equally well in capitalist or socialist societies. Whether we are ruled by a capitalist plutocracy, or by a socialist bureaucracy, society’s kingpins can control everything by falsely claiming that the government is “bankrupt.”

Anyway, to change the subject,  the Wall Street Urinal is indulging in the Big Lie as usual.

Global Government Debt Is Actually Triple What We Thought, Thanks to Pensions

Thatcher 03

This is the standard crap about “unfunded liabilities,” which is based on the lie that monetarily sovereign governments are “bankrupt” (even though they can create infinite amounts of their own currency out of thin air). Its purpose in this case it to set you up to accept the privatization of Social Security, as you shall see below.

Government debt in 20 industrialized countries stands at $44 trillion. But it’s actually a lot more than that, according to a new report load of bullshit. After factoring in public pension and other retirement liabilities, the debt levels nearly triple to a staggering $122 trillion.

That’s the math according to a new report from Citigroup Inc report called, “The Coming Pensions Crisis,” which analyzed government pension liabilities from 20 countries that are members of the Organization for Economic Co-operation and Development .

“It is really a ticking time bomb,” said Charles Millard, Citi’s head of pension relations and former head of the Pension Benefit Guaranty Corporation, the U.S. safety net for private-sector pensions.

Ah yes, the standard garbage about a “ticking time bomb.” “If you don’t privatize Medicare and Social Security, the ticking time bomb will explode!”

The thieves have been saying this for decades.

“That’s the math,” the thieves say, presenting their lies as objective facts.

To put the unstated debt levels in perspective: The additional unstated $78 trillion in retirement-related debt is equivalent to a single year of global economic output.

The purpose of all this filth is not only to prepare you for mass privatization and more austerity, but to make you think you are lucky to be crippled by private debt such as student loan debt. Private debt is real, but it is nothing compared to the (fake) public debt that everyone will (not) have to pay someday. Be grateful that you are sliding by with only ninety percent of your paycheck stolen by the bankers!

Citi researchers measured government pension liabilities, a combination of Social Security and public-sector pension obligations, finding the average country was carrying retirement debt of 190% versus gross domestic product—well above a 100% threshold that many experts consider concerning. “Imagine you thought your mortgage was $440,000 but then the bank called up and said it was $1.3 million. That’s really what we’re facing,” Mr. Millard said.

Blah, blah, blah. Same old lies every day. If you don’t understand this technical jargon, it’s because it is meaningless. Whenever you see something that seems “beyond your understanding,” remember this…


One potential solution would be to borrow a strategy employed by the Netherlands, where they use a “Collective Defined Contribution” system. The system resembles a 401(k) account, though instead of individuals choosing the investing strategy, the funds are pooled together and managed by money managers.

And there it is, just as I told you. The pitch to privatize Medicare and Social Security, which will cause trillions of dollars (with a ‘T’) to flow to the thieves of Wall Street.

By the way, a reader at the Wall Street Urinal commented, “If all the world governments just print more money than they spend, the problem should just disappear…Seems easy enough!”

This reflects a standard illusion about money. It is true that money leaves you and me when we spend it, but this clown thinks that the federal government, indeed the overall economy, is the same as you and me. In reality, dollars created out of thin air and spent into the economy stay in the economy, circulating, until the U.S. government taxes them back out of the economy. The U.S. government is the only entity that can tax dollars into non-existence, regardless of where dollars are in the world.

By the way, how can a government “print more money than it spends”? Does this mean that if the government creates a billion dollars for Social Security benefits, the government should “print” two billion? And do what with it?

We have poverty because people just don’t stop to think. And the poverty gets worse every day.

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One Response to “Unfunded liabilities”

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