Just so you have a short list of what's at stake if Washington DC doesn't change policy here and now (which means before the collapse in equities comes, which could start as soon as today, if the indicators I watch have any validity at all. For what its worth, those indicators are painting a picture of the Apocalypse that I simply can't believe, and they're showing it as an imminent event - like perhaps today imminent.)
All pension funds, private and public, are done. If you are receiving one, you won't be. If you think you will in the future, you won't be. PBGC will fail as well. Pension funds will be forced to start eating their "seed corn" within the next 12 months and once that begins there is no way to recover.
Read on...
Peacenik really wanted to post something upbeat for a Friday. Like Peacenik always does. Maybe Peacenik will find something upbeat later in the day. Maybe the world financial markets won't go boom before noon. Maybe Peacenik has just been dreaming and the world's financial system has not been imploding before Peacenik's eyes. Denninger sounds an alarm in this post. This is what is at stake. Everything. Everything. Have a good weekend.
All pension funds, private and public, are done. If you are receiving one, you won't be. If you think you will in the future, you won't be. PBGC will fail as well. Pension funds will be forced to start eating their "seed corn" within the next 12 months and once that begins there is no way to recover.
Read on...
Peacenik really wanted to post something upbeat for a Friday. Like Peacenik always does. Maybe Peacenik will find something upbeat later in the day. Maybe the world financial markets won't go boom before noon. Maybe Peacenik has just been dreaming and the world's financial system has not been imploding before Peacenik's eyes. Denninger sounds an alarm in this post. This is what is at stake. Everything. Everything. Have a good weekend.
