My Pension and a 17 trillion loan.
Discussion
Not my loan, the Americans. 
but it got me wondering, if they eventually find they can't borrow any more or can't repay the interest how would that effect my pension which is mostly tied up in shares? Basically, has the US lost control of its finance and how likely is it that it could go bust? Is this an accident waiting to happen?
I read somewhere that yesterday the US debt increased in ONE day by $328 billion! (third of a trillion).
Is there any point in being concerned?
but it got me wondering, if they eventually find they can't borrow any more or can't repay the interest how would that effect my pension which is mostly tied up in shares? Basically, has the US lost control of its finance and how likely is it that it could go bust? Is this an accident waiting to happen? I read somewhere that yesterday the US debt increased in ONE day by $328 billion! (third of a trillion).
Is there any point in being concerned?
I believe that as the Western economy worsens, Governments will make it harder for people to withdraw money from their pensions, and also decrease the returns with extra taxation (as Gordon Brown already did).
Maxwell raided his company's pension fund when he was a bit skint; I see no difference between that and the national picture.
One day pensions may be viewed as we now view endowment mortgages.
Maxwell raided his company's pension fund when he was a bit skint; I see no difference between that and the national picture.
One day pensions may be viewed as we now view endowment mortgages.
When, not if.It's quite shocking really.
Citizen: 'Where did my NI contributions go, you know, the ones that were supposed to pay for my health care?'
Government: 'Sorry, we pissed it up the wall mis-managing the country and trying to win votes. You'll have to sort out your own healthcare.
Citizen: 'Where did my pension contributions go, you know, the ones that were supposed to give me a decent standard of living in my old age?'
Government: 'Sorry, we pissed it up the wall mis-managing the country and trying to win votes. You'll have to pay for your own old age.'
Citizen: 'I have no savings because you took half of everything I earned in tax, and if I managed to save anything you taxed me on it again.'
Government: 'Yeah, sorry about that. We had some ideas for it but it just kind of ran through our fingers, you know how it is. Have you asked the Chinese if they'd like to invest in you?'
Citizen: 'Where did my NI contributions go, you know, the ones that were supposed to pay for my health care?'
Government: 'Sorry, we pissed it up the wall mis-managing the country and trying to win votes. You'll have to sort out your own healthcare.
Citizen: 'Where did my pension contributions go, you know, the ones that were supposed to give me a decent standard of living in my old age?'
Government: 'Sorry, we pissed it up the wall mis-managing the country and trying to win votes. You'll have to pay for your own old age.'
Citizen: 'I have no savings because you took half of everything I earned in tax, and if I managed to save anything you taxed me on it again.'
Government: 'Yeah, sorry about that. We had some ideas for it but it just kind of ran through our fingers, you know how it is. Have you asked the Chinese if they'd like to invest in you?'
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