The sad truth about pension funds is now being revealed

Peter Schiff's team pointed out recently that one of the largest pension funds of the US is now making legal provisions to reduce benefits.  Of course, I have been telling people for years and years in posts like this one  and this one that pensions were never going to be paid.  They are like fiat currency - only paper promises which evaporate the very minute that everyone tries to collect at once.  And with boomers retiring en masse, everyone is now starting to try to collect at once. 

You have to be out of your head insane to give any of your money at all to a 401k system which is only slightly less marginal than a pension system.  The pension system is marginal because you don't make direct contributions to it.  It is told to you that it is part of your compensation but you don't pay directly into it.  Pension systems trick people into over-consuming during their working years with the Wimpy promise that a retirement fund will take care of you later.  In fact, that retirement fund is not there because all of its promises were made based on the premise that trends will continue forever, trees will grow to reach the sky, 7 to 8% per annum is a normal and easy return forever, etc.

The days of 7 to 8 % of safe money making are gone now.  All that's left is for the pension funds to either begin gambling like crazy in search of yield or to reduce benefits and in many cases to simply run out of money and close down.  That's because it was all a big fucking lie from day one.  Mark and Patsy rolled their eyes at the notion that they were being played like this but now the truth is happening and it will pick up in speed and in magnitude until all the liberal economic blissful idiots are screaming bloody murder about it.