Ripped From The Headlines, January 5, 2023
$4T In Pensions Managed By Novices, IMF Says "Keep Inflating!" Egypt's Resources Up For Grabs - Read, Share, & Subscribe - SherlocExposes.com
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Ripped From The Headlines - A Tribute To The Legendary Paul Harvey
(EDITOR’S NOTE: Orange-linked text is clickable for additional information.)
"Canada selects directors to oversee its public pension funds for their financial expertise and pays some six-figure salaries. In the Netherlands, board members must obtain approval from the central bank.
In the US, a lineup of unpaid union-backed reps, retirees and political appointees are the vanguards of a $4 trillion slice of the economy that looks after the nation’s retired public servants. They’re proving to be no match for a system that’s exploded in size and complexity.
The worst-case scenarios are dire. A state-appointed receiver for Chester, a city in Pennsylvania with 33,000 residents, filed for bankruptcy in November because of a massive debt to its employee pension funds. An unfunded pension liability of more than $100 million was its biggest single unsecured debt.
'The whole system is set up to fail,' said Keith Ambachtsheer, president of KPA Advisory Services and a co-founder of CEM Benchmarking."
"Inflation in the US has not 'turned the corner yet' and it is too early for the Federal Reserve to declare victory in its fight against soaring prices, a top IMF official has warned.
In an interview with the Financial Times Gita Gopinath, the fund’s second-in-command, urged the US central bank to press ahead with rate rises this year despite a recent moderation in headline inflation following one of the most aggressive tightening campaigns in the Fed’s history.
'If you see the indicators in the labor market and if you look at very sticky components of inflation like services inflation, I think it’s clear that we haven’t turned the corner yet on inflation,' she said, adding that the fund’s advice to the Fed was to 'stay the course.'"
"The Egyptian pound tumbled on Wednesday in its largest single-day slide since the cash-strapped government agreed to a $3 billion International Monetary Fund deal in mid-December, authorities said.
The pound fell from around 24.7 for $1 to just over 26.3 against the dollar, some three weeks after Egypt and the IMF formally ratified the support package, approved in exchange for a number of economic reforms implemented by the country’s Central Bank, including a shift to a flexible exchange rate.
The package allows for a further $14 billion in possible financing for Egypt.
The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, and the fallout from the war in Ukraine. Egypt is the world’s largest wheat importer, with most of its imports having traditionally come from eastern Europe."
“Shell Game Thursday,” Ripped From The Headlines. Things To Ponder:
“Hello, I Must Be Going… Retirement Edition…”
Government agencies (and those affiliated with them) just seem to have a knack for screwing things up, don’t they?
Case in point, your retirement.
The 401k program is basically designed with the logic that you’ll expect to be poorer after retirement, which means you’ll pay less in taxes… even though taxes don’t go down…
Huh?
Setting that aside, pensions are a BIG deal - with a large number of baby boomers retiring every day in the US, a number of them are a part of pension plans in various ways…
Problem is, most of them are either underfunded or unfunded…
That means, there’s no money there to make good on payments to pensioners.
The reason? People steering the ship have little to no clue what to do… so, they turn it over to investment managers who make super risky bets to get big returns…
Until their luck runs out. Then we figure out those “investment managers” have no clue what they’re doing either! Take a look at this map from Pew Research on unfunded liabilities by state:
This isn’t going to end well.
“We Screwed Up… So Let’s Keep Screwing Up!”
Now, the second in command at the International Monetary Fund (IMF) is at it…
After her boss basically told us we were screwed earlier this week, she’s saying “we just need to screw you a little bit more, and we’ll stop… we promise!”
Sure…
We believe that as much as we believe that Fed Chair, Jerome Powell, actually knows what he’s doing… even though he says he really has no idea what he’s doing…
AND THESE PEOPLE RUN FINANCES AROUND THE WORLD.
Yikes.
“In Chaos, There Is Opportunity…”
Just not for you…
Or, in this case, the people of Egypt.
But there sure is an opportunity for the IMF and its handlers!
The IMF is running its playbook once again to control strategic resources.
Click Here to see our breakdown of what they are up to in Peru.
Wondering what natural resources Egypt is rich in?
Know. Your. Foe.
What Does This Mean?
Traditional things like retirements and “safe investments” take on a whole new meaning when you get a chance to look under the hood.
We’re really just scratching the surface of understanding the depth of the pension fund issues and the economic mess.
As it all comes out, brace for impact.
Why Should I Care?
There’s so much to unpack…
Your wealth…
Your legacy…
Anything you plan to leave for future generations…
Getting the basics to live…
All of these things are teetering on the edge.
You should REALLY care.
What should I do?
Take a moment… right now if you can… to take inventory of what you’re seeing in this newsletter each day.
Have you ever seen a time quite like this?
Ok good, you’re paying attention.
That’s the point.
If you’re not paying attention and trapped in the hustle and bustle of a busy world (with a ton of useless stuff, by the way), this stuff will come up on you like a thief in the night.
You need to take the time to prepare as best you can for a time when good supplies, strong communities, and strong connections are the difference between surviving and thriving or being in bad shape.
GET MOVING ASAP.
Also, please share what you get from this newsletter.
It’s OK if you don’t understand it all.
Tell them to ask us.
Your future, and theirs, depends on it.
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Ripped From The Headlines is your daily digest of what’s happening in the world. We help you to understand what it means, why you should care, and what you should do.
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