“If the government or bank can give it to you, then they can also take it away.”
Lessons taught by career professional thieves in banking and government:
If it is not in your possession, then it is no longer yours…
Here again for another round of financial crisis, where institutional investors are once again beginning to fret about what might be lurking around the corner.
This is happening as government and bank officials paint rose flower economic activity growth scenes.
– Are Your Pension Funds & Bank Deposits Stolen? –
If you believe in these “markets” because the rhetoric line says the economy or market is picking up ever more steam the higher these “markets” go.
What great deception!
“A STRANGE GAME. THE ONLY WINNING MOVE IS NOT TO PLAY.”
Spain’s Most Italian Bank Still “Solvent,” Claims Finance Minister
The future continues to look bleak for Spain’s most Italian bank, Banco Popular, which ironically once bore the slogan “Our Past and Our Present Guarantee Our Future.” Things have gotten so bad that when the country’s Minister of Finance Luis de Guindos was asked by a reporter today about the bank’s state of health, he responded: “the bank is solvent.” Which is kind of like a doctor saying, “the patient is alive.” Not exactly reassuring.
Popular just had its worst day of 2017 after seeing its penny stock tumble over 10%, from €0.90 to €0.82. This is a bank that was once ranked among the world’s most profitable by ratings company IBCA and which not so long ago boasted a share price of over €15.
STOP EVERYTHING – JP Morgan’s CEO Jamie Dimon Issued A Warning!
The bank lord (Grand Father of Financial Terrorists and the Central Planner of Central Planning) and master criminal who should be in prison, now sounds like a candidate running for the U.S. presidency, he is saying all the right things to get elected.
Here is the full excerpt from Dimon’s letter to shareholders.
Below are a few gems:
- It is clear that something is wrong…
- Our economy has been growing much more slowly in the last decade or two than in the 50 years before then…
- Many economists believe we are now permanently relegated to slower growth and lower productivity (they say that secular stagnation is the new normal)…
- Over the last 16 years, we have spent trillions of dollars on wars when we could have been investing that money productively…
- Our nation’s healthcare costs are essentially twice as much per person vs. most other developed nations.
- Labor force participation is too low…
- Infrastructure needs planning and investment…
- Excessive regulations reduce growth and business formation…
- The lack of economic growth and opportunity has led to deep and understandable frustration among so many Americans…
Read full report at Zerohedge.com…
Title: Peak Prosperity News Update 3-31-2017
Video posted: 31 Mar 2017 by ChrisMartensondotcom
NOTE: Chris reminded us that in the 2016 year JP Morgan had, out of the 200+ trading days for the year, Zero days where they experienced a loss!!! This fact alone is indicative of criminality with insider information and market manipulation and regulatory capture.
As Professor William “Bill” K. Black have said: The Best Way To Rob A Bank, Is To Own One.
Dallas Mayor Pulls Support For “Massive Taxpayer Bailout” Of Police Pension
Dallas Mayor Mike Rawlings has finally reached his maximum willingness to throw taxpayer dollars at the Dallas Police and Fire Pension (DPFP) system and has pulled is support for a bill that, if it passes, will undoubtedly prove to be yet another futile effort to save the system from insolvency.
The clause sets a baseline number of officers and firefighters. In the case of police, that’s three officers per thousand. The clause would also automatically assume that a certain level of raises given.
“Basically you’re paying on phantom employees, not real employees,” Rawlings said. “We just can’t enter into an agreement with that degree of commitment for the city. No business would do it this way. We cannot find another pension fund in American where someone pays into a fund based on future employees. It’s just not done and it should not start here in the State of Texas.”
“This is the most taxpayer unfriendly poison pill that I’ve seen in this bill,” he said. “I’m not going to swallow this pill.”
In Puerto Rico, Teachers’ Pension Fund Works Like a Ponzi Scheme. Mary Williams Walsh. The New York Times. 8 Mar. 2017.
“Puerto Rico, where the money to pay teachers’ pensions is expected to run out next year, has become a particularly extreme example of a problem facing states including Illinois, New Jersey and Pennsylvania: As teachers’ pension costs keep rising, young teachers are being squeezed – sometimes hard. One study found that more than three-fourths of all American teachers hired at age 25 will end up paying more into pension plans than they ever get back.”
“‘I think they’re really being taken advantage of,’ said Richard W. Johnson of the Urban Institute, a co-author of the research. ‘What’s so tragic about this is, often the new hires aren’t aware that they’re getting such a bad deal.’”
“The problem is magnified by the fact that the Puerto Rico teachers union – like many teachers and police unions around the country – opted out of Social Security long ago, hoping it could save both workers and the government money by not paying Social Security taxes.”
Conceptually, “pension funds are supposed to be giant, largely self-sustaining pools of money, contributed by taxpayers and often workers, that earn investment income. Over time, the money is supposed to grow enough to pay retirees. Knowing this, teachers might reasonably expect to get a pension worth more than what they invested.”
However, in Puerto Rico “the pension funds are so short of cash that money contributed by working teachers basically flows straight out to retirees. None of Puerto Rico’s current teachers can expect to get their money back, because the fund is due to run out of money in 2018, long before they retire.”
“That is, essentially, a Ponzi scheme. But this structure is legal in Puerto Rico because of a complicated series of changes in the law brought about in recent years by the island’s financial crisis.”
Back to pension programs in general, “benefits are typically backloaded. This means that teachers build up their benefits very slowly in their early years – even as they make big contributions – then speed up in middle age and earn the biggest part just before they retire.”
“But because of high turnover and other factors, relatively few teachers reach the sweet spot where they earn a pension larger than their contributions. Most change jobs or move away first, leaving behind money that subsidizes the pensions of the relative few who teach for decades.”
Regardless, pension stress resulting from largess promised in good times and a lower investment return world have led to major cuts to younger teachers in the system. “In Illinois, for example, Mr. Johnson of the Urban Institute found that a teacher hired at age 25 who worked for 35 years could earn a pension worth $1.3 million – as long as that teacher had been hired before 2011. If hired after 2011, the same teacher would earn a pension worth only $609,000, even though both groups contribute 8.4% of every paycheck.”
“‘Overall, 84% of all newly hired teachers lose money’ in Illinois, Mr. Johnson said.”
Further, eight states (Delaware, Hawaii, Illinois, Maryland, New York, North Carolina, Pennsylvania, and West Virginia) recently doubled their vesting periods (“the time a teacher must work before vesting, or earning a nonforfeitable right to a pension”) to 10 years. “That is more than three times the maximum allowed for companies.” On top of that, “three of every 10 new teachers will quit in five years or less.” Basically free money for these pension programs.
“Martin F. Lueken of EdChoice, formerly the Friedman Foundation for Educational Choice, looked at the largest school districts in each state and found three where, because of cost-cutting, newer teachers might work their whole careers without ever earning a pension worth the value of their contributions: Boston, Chicago and the northern suburbs of Minneapolis.”