"[R]esearchers at Citigroup say... Governments have promised much more than they can most likely pay to current and future retirees, without revealing the disparity to investors who bought government bonds....
"Twenty countries of the Organization for Economic Cooperation and Development have promised their retirees a total $78 trillion, much of it unfunded....
"That is close to twice the $44 trillion total national debt of those 20 countries, and the pension obligations are 'not on government balance sheets,' Citigroup said."
"[R]esearchers at Citigroup say... Governments have promised much more than they can most likely pay to current and future retirees, without revealing the disparity to investors who bought government bonds....
"Twenty countries of the Organization for Economic Cooperation and Development have promised their retirees a total $78 trillion, much of it unfunded....
"That is close to twice the $44 trillion total national debt of those 20 countries, and the pension obligations are 'not on government balance sheets,' Citigroup said."
This will surprise anyone who has been living in a cave for the last 30 years.
Hmm, I wonder why only "gold bug doom porners" are commenting in this topic.
Seriously, guys, go add up all of the assets of the US of A and compare it to all of the accumulated liabilities, including the unfunded liabilities. There's just no fire to be seen anywhere... the amount of debt alone is meaningless without the assets from the same balance sheet or cash flow from the income statement.
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
