Socialism collapses rapidly when the public realizes that its government cannot pay its obligations AND taxes no longer cover those obligations. It is at this point the government will have lost the confidence of it own people. This is the catalyst that will bring everything down.
Nearly 600 State & Local governments are now in the hole and has reached nearly $1.2 trillion of unfunded pension liabilities in FY 2014. This reflects total pension liabilities of $4.798 trillion and total pension assets (or fiduciary net position) of $3.607 trillion. This staggering number is nearly 25% of the annual GDP and accounts for roughly 97% of all public pension funds in the United States. California is raising taxes to cover the short-fall for now, but this is going nowhere fast.
There are people on Capitol Hill who support confiscating all private 401 K plans in the country and replacing them with a monthly allotment. We know what will happen to that one, so you better have something else besides cash. The government cannot meet the promises for its own employees and they will turn to increasing taxes and confiscating private property. This will happen just as it has always happened in the past.
Government pensions are what destroyed the Roman Republic Empire and history is going to repeat sooner than later.
A whistle-blower, Dr John Bates, who was a top NOAA scientist, has has come forward with hard evidence that the paper rushed out by the NOAA to influence the Paris Global Warming Conference was intended to be misleading using faked evidence. The scientists hired by the UN reported that there was indeed a ‘pause’ or ‘slowdown’ in global warming that began when the energy output of the sun began to decline starting in 1998. The UN scientists reported that in 2013. The NOAA, to try to keep the Global Warming going, suddenly claimed that the UN scientists were wrong and there was no pause but in fact world temperatures had been rising faster than scientists expected. They have continued to make claims that 2016 was the hottest year. To the average person, 2016 was not extraordinarily hot.
Real science has exposed the fact that the NOAA does not have the historical data they pretend to have, on top of the fact that the two satellites they claimed collected data were mysteriously destroyed when it became a question.
One must wonder why government is becoming the least trustworthy organization within society?
I post this to remind you to never jump to any economic conclusions about the direction of the markets because you can NOT trust your government agencies to put out the real data on any specific .
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Livio S. Nespoli has been a broker, registered investment advisor, and financial publisher since 1985.