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The main ingredient of any safe pension system is a healthy and sturdy economy.

Monday, June 28, 2021 1:03

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Sir, I refer to Martin Wolf’s “It is folly to make pensions safe by making them unaffordable” FT, June 28.

Wolf writes: “We also need true risk-sharing within and across generations, which is absent from today’s defined-contribution schemes”

But the current risk weighted bank capital requirements, with lower risk weights for financing the “safer” present, e.g., loans to governments and residential mortgages, than when financing the riskier future, e.g., small businesses and entrepreneurs, is a clear example of how that intergenerational holy bond Edmund Burke wrote about has been violated.

In order to have a jolly good time, boomers placed a reverse mortgage on the economy, and all, young and old, will pay dearly for it.

“Radical uncertainty”? Give me a more stupid radical certainty than credit risk weighted bank capital requirements.

And way back, when observing how many Social Security System Reforms were based on the underlying assumption that they will be growing 5 to 7 percent in real terms, I also warned, time and time again, that it was not possible for the value of investment funds to grow, forever, at a higher rate than the underlying economy, unless they are just inflating it with air, or unless they are taking a chunk of the growth from someone else. In this respect the ‘chickens are only coming home to roost’.

PS. Historically, through all economic cycles, there is nothing that has proven so valuable in terms of personal social security as having many well-educated loving children to take care of you, and that you can’t, in real terms, beat that with any social security reform.

https://voiceandnoise.blogspot.com/2006/08/my-insecurities-about-social-security.html

https://subprimeregulations.blogspot.com/2015/11/the-reverse-mortgage-on-economy-baby.html

@PerKurowski

Source: http://teawithft.blogspot.com/2021/06/the-main-ingredient-of-any-safe-pension.html

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