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Pension Blues

04 Jul

Politician:  Trust Me--I'll Protect Your Pension [courtesy Google Images]

Politician: Trust Me–I’ll Protect Your Pension
[courtesy Google Images]

MarketWatch.com published “The Next Greece May be In the U.S.”.  According to that article,

 

“When Chicago Public Schools announced on June 24 that it would borrow $1 billion to make a $600 million-plus pension payment due June 30 an eerie feeling spread across bond investors and taxpayers alike.”

Get that?  The Chicago Public School system has undoubtedly already collected hundreds of millions of dollars (probably billions) from the teachers to fund the teacher pension plan.  The School system is therefore a debtor to those teachers.  And yet, that debtor sought to borrow another $1 billion to pay the part of the debt that’s due on June 30th.  How much more will be due on July 30th, August 30th and December 30th?  How much will be due this year, next year and next decade?

By borrowing $1 billion to pay existing debt, the Chicago teachers’ pension fund demonstrates that it’s already broke.  Where’s the money going to come from to pay future pension obligations?

The School system’s attempt to borrow more money to pay an existing debt is analogous to an ordinary man using his Visa to pay off his MasterCard that he’d already used to pay off his American Express.   Going deeper into debt to repay existing debt is evidence of desperation and gross mismanagement of funds.

Borrowing more to pay an existing debt may buy some time, but the result is virtually inevitable:  bankruptcy.

If you don’t believe me, ask Greece.

 

“It was the same eerie feeling that gripped investors when Moody’s Investors Service downgraded Chicago’s credit rating to junk based almost entirely on the city’s pension problems.

“The fear was that elevated pension costs, in cities like Chicago, might push these public entities into insolvency, wiping out much of the holdings of municipal-bond investors.”

 

“Might”?!  Might push these public entities into insolvency?  That’s pretty much like saying the sun “might” rise in the east tomorrow.  There’s no “might” about it—only when.

 

•  The MarketWatch article surprised me because it focused on the investors who’ve purchased municipal bonds to fund teacher’s retirement plans rather than on the retirees who expect to receive those funds.

Up until now, I’ve been inclined to think of growing pension problems in terms of the losses that will be suffered by retirees.

However, evidence indicates that, at least initially, the pensioners who are scheduled to receive money from the city are not the first victims of city insolvency.  The first victims are the bondholders—the creditors who loaned money to the city to pay existing pension debts.

The creditors believed that it was supremely safe to lend to governmental entities because government, by means of its coercive taxing power, could always squeeze more money out of taxpayers to repay the bonds.

Silly creditors.

Didn’t they know that if government went broke (as seen in Greece), government would rather rob the creditors (by repudiating the bonds) than rob the retirees (by refusing to provide pensions) or rob the taxpayers by raising taxes?

It’s simple politics.  Bondholders may be relatively wealthy but they are few in number.  Of the three groups (bondholders, retirees, and taxpayers) bondholders are the smallest group.  Therefore, they have the least political clout.  If somebody has to be robbed, the smallest group will be the first victims because they will make the least political noise.  Besides, who really objects to robbing the relatively rich?

Later, government will rob the second smallest group—retirees—by “restructuring” or even repudiating their pension plans.  Finally, government will try to extort every last dime out of the multitude of taxpayers by subjecting them to “austerity”.

It’s just like Greece.  First, Greece robbed their creditors (bondholder) by refusing to pay the debts owed.  Next, they’ll rob the Greek retirees by restructuring or repudiating the pension plans.  Finally, they’ll rob the Greek people by subjecting the nation to austerity and economic depression.

You can expect to see a similar series of thefts in this country in the near future.

 

•  Willy Sutton was a famous bank robber during the Great Depression. When finally arrested and asked why he robbed banks, he answered “Because that’s where the money is.”  The same principle animates today’s financial system.

Why does our government always rob creditors?  Because that’s where the money is.  Lending to the government is like lending to Al Capone.   Ultimately, you’re gonna get robbed.

Our modern financial system has depended on inflation (theft) at least since WWII.  Any financial system based on theft is immoral and ungodly.

Q:  Who, primarily, is robbed by inflation?

A:  Those who have savings.  Creditors.

Yes, I know that the biggest creditors get special breaks (“too big to fail”).  But ordinary creditors/savers are always the Number One Victim of government extortion.  Taxes.

But.  If push comes to shove, government will rob anyone including taxpayers, bondholders, pension recipients and even future generations (by borrowing now and leaving the debt to our children).  Unfortunately, under current economic conditions, the taxpayers (a/k/a “voters”) have already been robbed of so much that there’s not much left to take without collapsing the entire economy.

Fleecing taxpayers is like feeding slaves.  As a slave owner, you can save a lot of money by refusing to feed your slaves, but after 30 days or so, they’ll die and then who’ll be left to do the work?   Who’ll have to work then?  Your wife?  Your kids?  You’d never hear the end of it.

The government can’t tax its slaves (taxpayers) into abject poverty unless government is prepared to collapse the economy.  For the system to continue to function and avoid a violent revolution, the government’s slaves must be treated like house niggers who are allowed to have their own homes, cars and clothes.

Government’s growing need to rob future generations (by means of borrowing) is evidence that today’s taxpayers have already been robbed/taxed to the limit.  Evidence is seen in the national debt which first started to go exponential back about A.D. 1973 (just after the US dollar became a pure fiat/immoral currency).  That inflection point arguably marked the maximum tax rate that could be imposed on the American people without degrading the economy.

Since then, government has tried to sustain the economy by not raising taxes significantly on current taxpayers while raising taxes considerably on future generations.  Tax increases on future generations (who aren’t here to defend themselves and their lives from government confiscation) is seen in the growth of the national debt which is officially, about $18 trillion, but believed by some to be over $200 trillion.

Recently, government passed the FATCA law in order to raise taxes on US citizens who live, work or bank in foreign countries. Some see FATCA as evidence of government’s growing power.  I see FATCA as evidence of government’s growing desperation.  Where will they find enough revenue to hold this racket together?  Who will they tax next?  The Greeks?

Sooner or later, even future taxpayers (borrowing) will be unable to fund the government’s debt?

Then what?

The inevitable will no longer be postponed.

 

•  All of which is more-or-less consistent with the warnings I’ve given you for the past four or five years:

 

1) What can’t be paid, won’t be paid.

2)  One man’s debt is another man’s asset.

3) When the debts can’t be paid, the correlative paper-assets (bonds) become worthless.

 

As with Greece, the federal, state and local governments of the U.S. have made deceptive, irrational, and overly-generous, pension-promises to government workers.  Greedy government workers and public employee unions delighted in the promise of fat future pensions.  But, until now, no one has bothered to seriously consider the fact that the pensions promised are not only unearned but also unpayable.

Which brings us back to:  1) What can’t be paid, won’t be paid.  That means the retirees won’t get their pensions, and the bondholders won’t be repaid on their investments.

The various federal, state and local governments will go through a predictable series of steps (thefts) such as the lunacy of borrowing more money from future generations (who aren’t here to defend their interests) to pay existing debts.  But the fact remains that, sooner or later, we’ll have to face the truth:  What can’t be paid, won’t be paid.  Government creditors (bondholders) are already not being paid.  Soon, even government pension plans will be too broke to pay retirees in full, and therefore won’t pay retirees in full (if at all).

It might take another year or three for cities like Chicago to face and publicly admit that they’re insolvent.  But, like Greece, government’s excessive pension plan promises are on a collision course with mathematical reality—especially when the economy is in a recession and tax revenues are down.  When pension promises and fiscal reality collide, government retirees are going to lose their expected payments.  They’ll scream and shout—but it won’t matter.  They’re either going to lose a lot of their pensions, or—if they refuse to “voluntarily” take a big “haircut” in pension promises—they’ll suffer the involuntary loss of all of their pensions.

 

“. . . public pensions have recently turned into the biggest headache for taxpayers and municipal-bond investors, threatening to bring down the finances of U.S. cities and states.

“Detroit as well as three Californian cities—Vallejo, Stockton, and San Bernardino—had to declare bankruptcy because of their overwhelming pension costs.

“In those cases, the courtroom turned into a brutal battlefield pitting bond investors trying to save the money they invested in those cities’ municipal bonds on one side. And on the other side have been public employees trying to save the dwindling pensions that were promised to them.”

 

Fascinating.

I’d thought the pension battle was strictly between the retirees and the taxpayers.  But it turns out that the battle is currently between the municipal bond holders and the retirees.

At first glance, you might think that the bond-holders and retirees don’t have much in common.  You’d be wrong.  The bond-holders and retirees are two subsets of a single fundamental class:  creditors who’ve loaned their wealth to the government.

First, the school teachers loaned their money to government when they contributed funds into government-run pension plans.  The government mismanaged, lost, wasted or stole those funds.

Later, the municipal bondholders loaned their money to government  to support the illusion that government (which had already robbed the pension funds) was sufficiently responsible, honorable and trustworthy to repay its first debt to the teachers’ pension funds and second debt to the bondholders

How stupid is that?  Bondholders (who are presumably intelligent people) are:

1) lending money to a known thief (government) to make good on a debt whose original funds (pension plans) have already been stolen by that thief; and

2) expecting they won’t also be robbed by the known thief.

The bondholders figured that government (like Al Capone) would use its guns to rob the taxpayers to repay the bondholders.  They never dreamed that government (like Al Capone) would use its guns to rob bondholders.

I have no sympathy for either class of creditors.

The teachers loaned their money to a corrupt government in return for promises that government (like Al Capone) would use its guns to extort enough money from taxpayers to pay unearned and excessive pensions to retired teachers.  The teachers laughed and smirked over their good fortune in being allowed to rob the taxpayers.  But in their laughter, the teachers became complicit in the government’s promise to rob the taxpayers.  The teachers were just as immoral as government.

The municipal bond-holders loaned their money to the known thief, government, in return for promises that government (like Al Capone) would use its guns to extort enough currency from taxpayers to repay those municipal bonds.  By lending money to the known thief, bond-holders became complicit in government plans to rob taxpayers.

Neither the teachers nor the bondholders dreamed that there was a limit to how much even “Al Capone” could extort from current taxpayers with taxes.

Nobody dreamed that there was a limit to how much “Al Capone” could extort form future taxpayers by borrowing.

Unfortunately, the time for dreaming is done.  The nightmare is here.  We’ve reached that limit on government revenues and government can’t pay its debts.  Like Al Capone, government is looking for someone else to rob.  If it can’t rob the taxpayers, it’ll rob its creditors by repudiating its debts.  The teacher who cheered when government promised to rob the taxpayers and the bondholders who smirked when government promised to rob the taxpayers, are now themselves going to be robbed.

So sad.

Please pass me a tissue.

 

•  “Recent cases have shown that bond investors are clearly losing this battle [between investors and pensioners].

“In the bankruptcies of Detroit, Vallejo, Stockton and San Bernardino, bondholders have faced losses of up to 99% of their holdings . . . . all three California cities chose to preserve full pensions for their employees, while Detroit only cut pensions by approximately 18%.”

 

For now, the bondholders are taking the beating and the pensioners are being (mostly) protected.

However, insofar as some government pension-plan bondholders are taking 99% losses today, we can wonder, “Who will lend more money to fund government’s pension-plan obligations tomorrow?”  If current bondholders are being robbed, future creditors will refuse to purchase more municipal bonds.  Soon, government won’t be able to borrow more money to support its pension plans and also won’t be able raise taxes in the recessed economy.

If government can’t borrow more or raise taxes enough to pay its pension obligations, it won’t pay those obligations and, inevitably, the retirees will be robbed and impoverished.

Sooner or later, not only the bondholders, but also the government retirees will suffer significant losses in the pension plans government had guaranteed.

What can’t be paid, won’t be paid.

 

•  Part of the reason bondholders have been taking it on the chin is Chapter 9 bankruptcies of the Federal bankruptcy code that regulates the bankruptcy of cities and other municipal governments.

 

“Under Chapter 9, a city has to present an outline of its assets and liabilities to a bankruptcy court and propose a plan, known as a ‘plan of debt adjustment,’ essentially saying how much the city will pay each creditor, such as bondholders, pensioners and employees.

“But unlike other bankruptcies, where creditors can also put forward plans—including the proposal to liquidate assets—in a Chapter 9 bankruptcy, the city council is in control of the process and the judge can only determine whether the plan is “fair and equitable” . . . .  This means that once the bankruptcy begins, creditors find themselves ‘at the mercy of the city’s proposed treatment’ . . . .

 

Gee, why am I not surprised to learn that, under federal bankruptcy law, governmental entities enjoy special immunities from debt obligations while their creditors can be treated as slaves?   How do those “special immunities from debt obligations” differ from a license to steal?  Insofar as we allow our legislators to grant special-immunities/licenses-to-steal to municipalities, why should we be surprised or even complain if our municipalities rob us?

How many people invested in government bonds believing they were the safest form of investments since government would always have enough guns to extort more money out of the taxpayers?

But, how many people who invested in governmental bonds realized that if the city or municipality issuing the bonds went bankrupt, it would be legal for the government to effectively rob the investors rather than the taxpayers?

Ha!  The greedy creditors who invested in the “safety” of government bonds, are losing their assets.

They’ll not have my sympathy.  Most of them loaned to a corrupt government believing government could always extort enough money from taxpayers to repay the bonds.  Instead, because current taxpayers are already broke, government is robbing the investors.  And, soon enough, the government will rob the retirees.  And lastly, it’ll rob the current taxpayers by raising taxes and advocating “austerity” that will collapse the economy in order to save the government.  When it comes to robbery, government is an equal-opportunity kinda guy.

All of which goes to prove the ancient aphorism:  “Those who lay down with government, get fleas” . . . or is that “fleeced”?

Anyone who lends currency or political support to a known thief has no moral ground to complain when they get robbed.  If you’re going to hang out with, or vote for, known thieves, expect to lose your assets.

 

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18 responses to “Pension Blues

  1. Henry

    July 4, 2015 at 6:31 AM

    > By borrowing $1 billion to pay existing debt, the Chicago teachers’ pension fund demonstrates that it’s already broke. Where’s the money going to come from to pay future pension obligations?

    If times get really tough, the money could end up coming from the Federal Reserve, which has an unlimited supply of the stuff. If the Fed could spare $16 trillion to bail out corporations and banks internationally during the financial crisis, it can pony up a fraction of that amount so America the Beautiful can stay off the casualty list of nations to implode and get privatized into the covetous claws of the anarchist billionaires.

    Since bailout by the Federal Reserve is clearly a fail-safe option for the U.S. government, the principle easily extends to state and local governments in a nationwide emergency.

    . . .

    “In the case of the United States, default is absolutely impossible. All U.S. government debt is denominated in U.S. dollar assets.” – Peter Zeihan, Vice President of Analysis, STRATFOR

    “The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default.” – Alan Greenspan

    “In the case of governments boasting monetary sovereignty and debt denominated in its own currency, like the United States, but also Japan and the UK, it is technically impossible to fall into debt default.” – Erwan Mahe, European asset allocation and options strategies adviser

    “There is never a risk of default for a sovereign nation that issues its own free-floating currency and where its debts are denominated in that currency.” – Mike Norman, Chief Economist for John Thomas Financial

     
    • jody

      July 4, 2015 at 8:02 AM

      The danger of the Fed just releasing more fiat monies is inflation ! Since most of our manufacturing and farming has been out sourced , this is a huge problem . Other countries are becoming wise to the ” give us your resources for our bogus , worthless fiat money . The BRICS nations have already dropped the U.S. dollar as the world exchange currency , with 133 more countries joining together and vowing to stop the onslaught of the U.S. one world order . If you are expecting the criminal cabal of foreign bankers to save you , you are daft !

       
    • Toland

      July 4, 2015 at 12:37 PM

      the Fed could spare $16 trillion to bail out corporations and banks internationally

      $16 trillion is a huge amount. Funny how the “trusted” financial pundits have been mostly silent about this. Also notice how little inflation there was as a result of so much Fed printing – probably because the consumer never saw that money, but it stayed in the financial world.

      I wonder if an economist has calculated how much Fed printing would be needed to smooth out the Government Bonds Doomsday we’re imagining. Then, using this recent $16 trillion experience as real-world guide, we’d know what to expect. Or perhaps the use of math is discouraged when telling a story of Hate & Fear.

       
      • Henry

        July 4, 2015 at 2:39 PM

        Toland, I’d have to do some digging for a thorough answer, but here’s two figures I have at hand:

        The total unfunded public pension liabilities for all 50 state governments is $5 trillion, which is less than 1/3 of the $16 trillion the Federal Reserve used to bail out corporations and banks internationally during the financial crisis.

        According to Moody’s, the 25 largest U.S. public pensions have $2 trillion in unfunded liabilities, which is 1/8 of the $16 trillion the Federal Reserve used to bail out corporations and banks internationally during the financial crisis.

        So yeah, these two examples, which reveal the general outlines of the situation, demonstrate that the Federal Reserve could cough up what’s needed in your unlikely doomsday fantasy where everything blows up at once.

        And we wouldn’t be depending on the Fed’s good will, of course. According to their government-issued corporate charter, the Federal Reserve can be forced to do the right thing if the U.S. ever finds itself in danger of systemic debt collapse. All that’s required is the political will when crunch time comes (yeah, the same political will which, by coincidence, the NWO’s fake-alternative media labors to debilitate with its nonstop “anti-government” marketing campaign).

         
      • Roger

        July 5, 2015 at 12:30 AM

        Henry, your figures for the unfunded liabilities of government pension funds are more or less correct. The curious thing is, there’s a lot of variability in these estimates, and the numbers are not settled or consistent.

        However, all the sources do agree that the overall total of unfunded public pension liabilities in the US – at every level of government – is in the neighborhood of one-third the size of the Fed’s recent mega-bailout of the private sector.

         
      • Toland

        July 7, 2015 at 12:26 AM

        Everyone’s heard about the historic result of Sunday’s referendum in Greece: “No” to NWO banker-imposed austerity. The referendum was called by Tsipras the PM of Greece who has an 80% approval rating, so it’s not surprising the Greek people voted his way. The global implications are of course huge, as the NWO bankers are well aware.

        Unwilling to rest on this victory, the Greek government is considering taking control of the nation’s banking system to prevent the seizure of depositor savings (“bail-in”) by the NWO bankers as a dastardly means of debt collection.

        Also turns out Greece has a euro printing press which the government is talking about using (to pay off their debt in the same paper money they borrowed) as an emergency move to forestall NWO social-Darwinian austerity.

         
  2. Adask

    July 4, 2015 at 8:09 AM

    In the past, I’d normally agree that the Fed can produce as much currency as it likes. Thus, the Fed should backstop Chicago pensions funds, Dallas pension funds, Miami pension funds as well as the pension funds of every city, municipality and governmental entity in the US and even the world. In fact, if the Fed can backstop all pensions, everywhere (including So-So Security), why should any of us bother working? Why not just let the Fed support all of our pension funds and welfare funds and just let everyone live large without having a job?

    Of course, if the Fed can produce unlimited paper currency, at minimum, I can’t see how they can do so without causing significant inflation and even hyperinflation.

    My point is that when it comes to the creation of even fiat currency, there are limits.

    Unlike the popular cartoons of “Helicopter” Ben Bernanke dispersing billions of dollars from his “helicopter,” in “real life,” the Fed must actually buy something in return for the freshly-printed dollars. The Fed disperses its freshly-printed fiat dollars by using them to purchase something like government bonds or privately-owned stocks. They can’t simply stop by everyone’s home and, like the tooth fairy, leave $10,000 under each of our pillows some night.

    Apparently, there are limits to how much “junk” the Fed can purchase in return for the fiat currency it disperses into the economy.

    For example, when the Fed pulled the plug on Quantitative Easing 3, one of the reasons for the shutdown was that the Fed’s “balance sheet” (its list of “assets”–“toxic” and otherwise) had grown to $4.4 trillion. For reasons I do not yet understand, the Fed argued that it could not go much deeper than $4.4 trillion into buying government bonds and other toxic assets.

    If that report is valid, then, contrary to popular belief, the Fed will not be available to purchase many more toxic assets (including Chicago pension fund bonds) in the event of another Great Recession. If that report is valid, there’ll be no more bailouts from the Fed. If the Chicago teachers pensions are going to be saved by selling more bonds, those bonds will to be sold to the public.

    Who knows? Maybe the current working members of the Chicago teachers union will be happy to buy bonds from the Chicago teachers retirement fund to pay for the retirement of their own members. Or maybe the teachers Union isn’t that dumb.

    I believe the world–and even the Fed–is running out of the cash and fools necessary to purchase government bonds and other toxic assets. That means government is about to be openly insolvent. That means that we may soon share whatever trouble Greece is having now,

     
    • Jerry Byrd

      July 4, 2015 at 9:18 AM

      It appears we are headed into a “cashless aka cybermoney” system. I may very well be wrong, but if I’m right, I wonder what the “catch” will be to qualify as a recipient? Could it be, “that Mark”?

       
  3. Eve Elsbury

    July 4, 2015 at 8:46 AM

    thanks. !

    Sent from my iPhone

     
  4. Mr.C

    July 5, 2015 at 1:00 PM

    Get the facts about the Governments funding fraud. Just go to http://cafr1.com/
    Learn how this game is played.

     
  5. Jerry Byrd

    July 6, 2015 at 2:34 AM

    Mr.C
    @ Learn how this game is played.
    Why?

     
  6. Les Moore

    July 7, 2015 at 7:15 PM

    Roger,
    @ Henry, your figures for the unfunded liabilities of government pension funds are more or less correct.
    Huh? More or Less? wow !!

     
  7. Frank

    July 8, 2015 at 11:58 AM

    Al, my son knows a person who lived in Greece . The entire country is corrupt to the hilt . If you don’t want to pay your taxes you bribe the tax collector and on and on.

     
    • Adask

      July 8, 2015 at 12:07 PM

      Lasting freedom and prosperity are only for those nations that are composed of a moral and godly people. If the Greeks are predominantly corrupt, they haven’t simply “earned” the trouble that’s headed their way–they’ve caused that trouble with their own immorality.

      If that’s true for the Greeks, it’s also true for America.

      Scary though, hmmm?

       
      • Bart Shavitz

        July 10, 2015 at 11:14 AM

        Judge Learned Hand, often called the “tenth justice of the Supreme Court”, in Central Park , NYC.
        Liberty lies in the hearts of men and women; when it dies there, no constitution, no law, no court can even do much to help it. While it lies there it needs no constitution, no law, no court to save it.

         
  8. dog-move

    July 12, 2015 at 5:25 AM

    “Usury is a contract”.
    “If one lends $10, and it is the only $10 in existence, on the condition that he be repaid $11; and if the borrower agrees to repay the $11 when only $10 exists, he has agreed to an impossible contract (1)”.
    “Multiply this by $900 billion dollars and you understand today’s monetary situation (2)”.
    “The Law states “The borrower is the servant to the lender,” Proverb 22:7. The new government of the United States at a very early date became a borrower and consequently a servant of those from whom it borrowed”
    1) “The only legality a usury contract has has been given it by government statutes. The faithful believe that governments can no more legalize what God has outlawed by passing a statute than they can legalize murder or rape. Such statutes only lend “color“ of legality to the unLawful. The Law judges”.
    2) “He that hath… given forth unto usury … he shall surely die.” Ezek. 18:9
    “VIGIANTES OF CHRISTENDOM” The history of THE PHINEAS PRIESTHOOD, page 184
    Richard Kelly Hoskins.
    —————— (“a reviewer may quote brief passages in connection with a review”) —————–
    Usury is at the bottom of this pension mess, and there is only the silver solution.
    A late stage pyramid pension scheme it is.
    The silver solution, biblical money. This will not be found in time by the masses because they have no concept of biblical money, they read not the Word. As the spirit of Yahweh is poured out in these Days as foretold in the Book of Joel 2:23 as in the Latter Rain, and 2:28 the Spirit, the concept will take hold, probably quickly as time (A.D.?) is moving faster.
    Matthew 24:22 “ And if that time had not been shortened no human being would have survived, but shortened that time shall be for the sake of those that are chosen”.
    500 years of the printing press, “the long emergency” (the fiery serpent of Numbers 21:6) excess is coming to an end, the silver serpent will replace it. I have heard lately that “silver” is the most undervalued asset in the history of the world—per Gregory Mannerino. I believe that silver was probably just as undervalued in the Days of Solomon as it is written in 1 Kings 10:21, maybe they were wise then, just as the masses are wise now, in worldly wisdom and/or commercial wisdom of “Tarshish”.
    The pension system is part of the gigantic usury thief system, it’s all coming down, probably underway now, as evidenced by the stock market rollovers occurring all over the world . The rollovers are tolerable in their early stages, but when they turn into the waterfall drop, panic usually ensues. It is getting more and more difficult to create the 11th dollar, used to prop it all up. The trend is your friend, only if you are in harmony with the underlying trend…..be in harmony with the silver and gold uptrend, still very much intact.
    Revelation 18:4
    “come out my people, away from her, so you do not share in her ‘crimes’ and have the same plagues to bear” plague–(4127 makkeh) a blow, wound, slaughter; blow, casualties, crushed, disasters, inflicted, injury…. We are instructed to come out of her, but how? It may be so simple a child (of God) could figure it out.
    Psalms 105:37 “He led Israel out (of the “Red Sea” usury system) with silver and gold; in their tribes there was none who stumbled”.
    Remember, time is being shortened for those elect to exit Babylon the Great “(Red Sea” usury system) and for those elect who still wish entry at reasonable levels into “just weights and measures” that I might add, are a delight to the Most High, Leviticus 19:35-37 . As Yahweh lives, I live at peace and upon the soil this day, as a living man, and my very best, only, to those who understand and possess Wisdom as it is inscribed in Job 28:28 “behold, godliness is wisdom; and to abstain from evil is understanding”.

     
  9. thomaspoa

    July 15, 2015 at 3:55 PM

    Any chance the pension funds themselves hold any of these bonds? Maybe the pension funds even own the mortgages the pensioners pay on their houses? Maybe the pension funds own the debt on their cars? Maybe the pension funds even hold stock in the insurance companies to whom the pensioners pay their premiums?

     

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