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Government debt in 20 industrialized countries stands at $44 trillion.
But it’s actually a lot more than that, according to a new report. After factoring in public pension and other retirement liabilities, the debt levels nearly triple to a staggering $122 trillion.
That’s the math according to a new report from Citigroup Inc report called, “The Coming Pensions Crisis,” which analyzed government pension liabilities from 20 countries that are members of the Organisation for Economic Co-operation and Development.
“It is really a ticking time bomb,” said Charles Millard, Citi’s head of pension relations and former head of the Pension Benefit Guaranty Corporation, the U.S. safety net for private-sector pensions.
originally posted by: WeRpeons
The world is playing a game of Monopoly. The game is over and there are no winners. All debt should be forgiven and new rules forged and enforced. It's time to gather-up the game pieces, fold up the game board and start a new game.
originally posted by: lordcomac
It grinds my gears when people think the debt can be paid.
The fact that the money was conjured out out of thin air, and loaned at interest... by definition there's more debt than money.
Shut it down while we still have the chance to get through this alive.
originally posted by: pl3bscheese
Relationships are strengthened through complex games of racking up debts. I think we decided to shoulder shrug this "problem" after the last financial crisis. Nobody big enough to take the system down will be called out to pay up. The game will play on.
These pensions will be payed out with rising inflation so as to devalue the chunks given out. If inflation is raised, the ratio of debt to gdp can potentially drop. Realize this number is to be given in the future spread out over time. If we consider this time period compared to the combined gdp of the nation's over this same time period, the number is far less scary.
originally posted by: xuenchen
$44 trillion is the "accounted for" debt of 20 industrialized nations.
If that's not bad enough, their combined debt included unfunded (mostly future pensions) is a whopping $122 trillion !!!
With governments arguing over politics and religion, the real money seems to disappearing faster than you can wink a billion dollars away.
Eventually a few well timed disasters and crises will cause worldwide panic and death.
A report from Citigroup outlines the massiveness.
Wake up people, you won't be able to hide once the chainsaw engines start.
Governments will be falling like balloons with no helium.
And remember: governments are only as good as the geniuses running the printing presses !!!
Global Government Debt Is Actually Triple What We Thought, Thanks to Pensions
Government debt in 20 industrialized countries stands at $44 trillion.
But it’s actually a lot more than that, according to a new report. After factoring in public pension and other retirement liabilities, the debt levels nearly triple to a staggering $122 trillion.
That’s the math according to a new report from Citigroup Inc report called, “The Coming Pensions Crisis,” which analyzed government pension liabilities from 20 countries that are members of the Organisation for Economic Co-operation and Development.
“It is really a ticking time bomb,” said Charles Millard, Citi’s head of pension relations and former head of the Pension Benefit Guaranty Corporation, the U.S. safety net for private-sector pensions.
Who is going to Pay ??
originally posted by: onequestion
Look it's worthless pieces of paper.
It's fractional reserve currency which means only 1% whatever the number is of it is actually tied to a physical asset the rest of it is a gamble and can collapse at anytime when people realize it's worthless.
Why don't we learn that in school?
It's all debt, they loan it to you to use to purchase goods which in turn is returned back to them when again they create even more worthless money out of that money and lend it out and he cycle continues.
Government Debt = Peoples Savings. What you are proposing is that we should wipe out peoples savings and pensions.