Word: pensiones
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...improve their lot enough to raise more children, extending the poverty base for yet more generations. India and similar countries face more agricultural crises as family land divisions become ridiculously small. The solution is large-scale, privately owned farming corporations that are legally bound to provide housing, medical, pension and educational facilities for all employees and their families. This lifts the agricultural peasantry into the middle class where they produce fewer, better educated children; it allows larger profits which results in better R&D and farming methods, better forecasting of which crops to plant to meet demand, improved ability...
...China, the household-savings rate exceeds 20%. It is partly for straightforward policy reasons. As we've seen, wage earners are expected to care for not only their children but also their aging parents. And there is, to date, only the flimsiest of publicly funded health care and pension systems, which increases incentives for individuals to save while they are working. But China, like many other East Asian countries, is a society that has esteemed personal financial prudence for centuries. There is no chance that will change anytime soon, even if the government creates a better social safety...
TIME's promotion of a pension-based retirement system scares me. Private pension plans are only as good as the insurer that backs them--in many cases the federally run Pension Benefit Guaranty Corporation (PBGC). The PBGC's future solvency, like Social Security's, is dubious at best. Say what you will about market-based retirement vehicles, but it will be a cold day in hell before I relinquish the security of my nest egg to a government with an uncanny ability to mismanage everything...
...were a white collar Delphi retiree, I'd be over the moon with rage. Ditto if I'd been a steelworker in Pennsylvania whose health care and pension were eviscerated when Bethlehem Steel failed. If I worked at one of the 106 nongiant banks that the government has allowed to fail this year, throwing thousands of people out of work, I'd be furious at the government for saving the big insolvent outfits but not mine...
...foresaw the crash, calls "hedge-fund disease," characterized by "megalomania, plus narcissism, plus solipsism" and the belief that "to think something is to make it happen." The meth-head loses his teeth and his mind; the madcap optimists of Wall Street lost something like $10 trillion worth of pension funds, life savings and retirement accounts. (Read "Why It's Time to Retire...