My measuring equipment is detecting something:
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"Could grow to a quadrillion?" :lamo
The total global unfunded liabilities figures ARE over two quadrillion dollars right now.
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I wonder why none of the lawmaking economic "experts" never bring up all the unfunded liabilities in the Department of Defense. Those must be staggering, considering the Pentagon can't even account for two and a half trillion dollars to start with.
Oh well, add another 100 trillion, I guess.
What would happen if ALL of those unfunded liabilities were suddenly called in as markers? Who would do it, aliens in space ships? Bankers posing as aliens in space ships? What happens, do they slap a CLOSED sign on every single asset and every single property on Earth? Will there be a mass eviction and repossession levied on seven billion people?
Give you three guesses what will happen if anyone ever tries to pull a stunt like that. First two guesses don't count.
The only reason there will ever be any economic collapse is if lawmakers allow banks to promulgate one.
By the way, the lion's share of all these unfunded liabilities isn't pensions or healthcare, it's DERIVATIVES.
The more you learn about derivatives, the more you start to realize that, as ponzi schemes go, they dwarf everything else by several thousand orders of magnitude, even Social Security, which is at least an insurance program.
If Social Security is a ponzi scheme then ALL insurance policies are.
The scare-a-mungous flibbertie-gibbets running around with their hair on fire screeching about unfunded liabilities fail to recognize this one simple piece of logic:
Money spent today is for people living today, money spent in the future is for people living in the future.
There is no intergenerational treasure stored up for people who will be alive 75 years from now, just as there is no intergenerational debt sitting like a time bomb waiting to go off for people who will be alive 75 years from now.
And even if you could go
FULL BLOWN "one bowl of rice and one bicycle" AUSTERITY on the entire global population to save up and pay off those debts, there is no assurance that the total value of what you save up will carry the same or better value 75 years from now anyway. Nobody can predict what today's investments will be worth 75 years from now, or even forty years from now.
If we do not invest in what society needs today, no magic beans will be able to purchase back what our society has lost because of our failure to invest. If we don't train enough doctors, no gold trinkets will purchase the ability to heal sick people 40 years down the road when they are needed more than ever. If we don't invest in our infrastructure, no saved up lock box will fix it in a time of disaster quick enough to stave off economic disasters that follow.
If we don't educate our children so that they can have rewarding good paying jobs now, no gold backed IOU's will purchase the jobs they will lose twenty years from now.
The only real "unfunded liability" that truly exists with real consequences that
cannot be fixed is
FAILURE TO INVEST in the CAPITAL DEVELOPMENT OF THIS COUNTRY.
Everything else pertaining to unfunded liabilities is windyfoggery with a side helping of
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