> Pension funds and other 'non-bank' financial firms have more than $80 trillion of hidden, off-balance sheet dollar debt in FX swaps, the Bank for International Settlements (BIS) said.
Ah yup pension funds. In some countries they're mandatory: money is forcibly taken out of your salary to put into pension funds. Which may or may not give money back to you in 30 years once you retire. A few weeks ago the governor of the bank of England said pension funds were "hours away from collapsing".
Why the fuck was that? Can't pension just simply DCA reputable stocks and call it a day? No. They have to do crazy things. Like that Canadian teachers pension fund who put $95m into... FTX. Yup. FTX.
I don't know about you but I'd rather not have the state use its monopoly of violence to confiscate my money and put it in a pension fund, which I see as a complete and total ponzi.
I'd rather, instead, like to pay less taxes and be able to do what the fuck I want with that money. Like buying stocks, gold, Bitcoin or splurge at the casino.
I think about just anything I can think of, even lighting my money on fire, would be more moral than participating in the gigantic ponzi that pension funds are.
But I've got no choice as in the EU these ponzi are mandated and often run by the state and you cannot opt out.
The pension funds that had an issue were "defined benefit" funds, which are not usually available to people now, versus the normal "defined contribution" ones where you get to choose how you invest the money and take the risks yourself.
Ah yup pension funds. In some countries they're mandatory: money is forcibly taken out of your salary to put into pension funds. Which may or may not give money back to you in 30 years once you retire. A few weeks ago the governor of the bank of England said pension funds were "hours away from collapsing".
Why the fuck was that? Can't pension just simply DCA reputable stocks and call it a day? No. They have to do crazy things. Like that Canadian teachers pension fund who put $95m into... FTX. Yup. FTX.
I don't know about you but I'd rather not have the state use its monopoly of violence to confiscate my money and put it in a pension fund, which I see as a complete and total ponzi.
I'd rather, instead, like to pay less taxes and be able to do what the fuck I want with that money. Like buying stocks, gold, Bitcoin or splurge at the casino.
I think about just anything I can think of, even lighting my money on fire, would be more moral than participating in the gigantic ponzi that pension funds are.
But I've got no choice as in the EU these ponzi are mandated and often run by the state and you cannot opt out.