This is a must see for everyone in Hawaii and other states with high pension deficits and experimental vaccine mandates for union employees. By Sydney Sullivan
Take into account that it appears Hawaii has “gambled” the pension funds and has BILLION$ in deficits in UNREGULATED DERIVATIVES and bad investments. If they fire people it is likely these union members won’t get their pensions until retirement age – if they are even available at that time. If people quit now and take their pension funds from whatever they are using to make pension payments, might be better because they they might not see their pensions when they retire. Just a thought. Hawaii’s largest public pension fund hits a record $14B shortfall and State public funds’ shortfall hits $25B
“Shortfall” – laugh out loud. “Shortfall” – a clever term for “we’ve lost your money”. It appears, as American Homeowners completely understand, it is more likely bad investments and gambling debts.
From the pages ofNakedCapitalism was this strikingly sensitive post. Don’t even think twice – this could be your city at any minute too.
By Raúl Ilargi Meijer, editor-in-chief of The Automatic Earth, Cross posted from Automatic Earth
If your answer to that question is affirmative, I suggest you take a good hard look at what’s coming out of Detroit these days. Why don’t we just call it a bail-in model, not unlike Cyprus, where the waters are tested for forcing parties who historically thought they were safe from cuts, find they no longer are.
And if you think Detroit is the only American city that has these kinds of problems, think again. It’s merely the first, count on it. It’s not just an American issue either, of course, and although retirements plans are set up in myriad different ways, they have one thing in common: they are in essence pyramid schemes, eat your heart out Charles Ponzi, and it’s just a matter of time before the walls start crumbling. Continue reading →
Spitzer as comptroller: Good for New York, good for women, terrifying for Wall Street abusers.
Before Eliot Spitzer’s infamous resignation as governor of New York in March 2008, he was one of our fiercest champions against Wall Street corruption, in a state that had some of the toughest legislation for controlling the banks. It may not be a coincidence that the revelation of his indiscretions with a high-priced call girl came less than a month after he published a bold editorial in the Washington Post titled “ Predatory Lenders’ Partner in Crime: How the Bush Administration Stopped the States from Stepping in to Help Consumers.” The editorial Continue reading →
How many people have to lose their savings, their equity and their pensions before there is a revolution – or is the intellectual revolution already here – “refuge to reconstruction”? That is the $54 Billion dollar question.
One man’s wealth tax becomes another man’s wealth confiscation
I have no doubt that given the need for sources of revenue by Uncle Sam and other sovereign governments, the topic of “the protection of property rights” will be increasingly brought front and center in the public arena.