A rather vivid description of the standard operating procedure for modern high finance.
More or less what I have been saying, but I am not as afraid of any collapse as the "insider" giving the lecture in the article. Because I know the bulk of those electronic promises of future wealth called "pensions" and so on are *already gone*, already "collapsed", and there never was any intention of actually swapping them back for all the retirees so they could have living expenses.
The whole article is about cons, so really..that was the ultimate magic beans for the milkcow con the grifters have been selling the public..and municipalities..and unions and organizations and other corporations.... "Gives us all your extra loot for decades, we'll "invest it", then we promise to pay you back later on even moar, forever and ever"! I mean, geez loweez,,, The numbers have never added up, it just cannot be done. That money/wealth is long gone. The rest is
So...there's no way it can pay off for the vast retiring boomer generation and beyond, because all ponzi schemes rely on new investors to pay the old investors, and the lie is that the money is "working for you" someplace in magical fairyland ville upstream. Once the pool of new suckers slows down, it gets harder and harder for ponzi schemes to operate, because they *don't make money* they just skim a lot and divvy some out to keep everyone faked out that it is a perpetual motion money machine.
They'll try accounting tricks and come up with even more exotic forms of future credit, plus always the old faithful run the printing presses. Then tell people they should be robbed..err..taxed more.. all of that
You know the famous white van and speakers for sale con? It's famous, happened all over the country, I even saw it once in a parking lot in Stone Mountain Georgia when a friend was driving and I talked him out of it, told him straight up it was a con, freakin obvious. Oh man he had instant greed in his eyes and heart though, that blinded him to reality, so he couldn't see it. Anyway, that's the vast bulk of pensions and retirement accounts and so on today, a real impressive heavy box..it even looks like a speaker inside, nice wood cabinet and grill...you get home, plug it in, nothing. Open it up...full of rocks. The sellers are long gone by then. Your thousand dollar speakers that you "invested" 200 in was a *box of rocks*. Because no one is going to give you real thousand buck speakers, except for a thousand bucks. There ain't no free lunch, there is no magical something for nothing, money doesn't work, money is imaginary property, people have to work, and perpetual motion-something for nothing- doesn't ever work at all.