The last pension generation

One of the features of the past thirty years or so has been the insistent pressure on people to take out private pensions, usually linked to stock markets. These were sold as the only alternative to a state that wanted to give up on a slow, steady-as-she-goes national fund.

Now, the markets have crashed. A great many high earners are leaving the country, and its soon to be massively inflated currency. The government is desperate to acquire pension funds if only to borrow against them as assets and thus to place them in jeopardy.

Who would have thought, bad as the condition of pensioners is, that they would one soon day, be considered lucky to be the last generation with even remotely liveable pensions?

The coming recession is one that we may never recover from, in the sense that a world run on credit with the consequent inflation of lifestyles might not come around again. Any pickup in global economic fortunes will, unless societies and governments use the time they have gained from peak oil and gas to develop new ways of working, bring an energy crunch and inflation as damaging as the deflation will be.

It does not have to be like this. It is time to start thinking about a truly autonomous, protected, national insurance fund that governments cannot dip into or borrow against, and the restoration of a sound-money economy in the future.

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