How bad does it have to get before people take to the streets in outrage?
Stephen Hammond (Con) is now calling for a reverse in the reverse of the corp tax rise.
What’s this now, the 5th Tory rebellion this year?
These were golden pensions.
It is outrageous that the bank of england even decided to bail out these corporations (think blackrock etc) without approval from parliament.
At the time when the country is being destroyed by hyperinflation the bank decided to print some more – to bail out corporations that had excessively speculated with derivatives for decades…
Said this earlier today, now even more relevant:
This is just absurd at this point. We collectively need to do something to get this Government out.
The tax cuts will have to be reversed – all of them.
Market opening next Monday is going to be fun.
I reckon by Weds we will get the panic, turbo-austerity spending plan, read by Kami-Kwase from a scrawl on a napkin.
In dumb person terms on a scale 1 to 100 how bad is this?
This comment isn’t directed at the pension funds, but rather the government. Game of chicken.
They have 3 days to u-turn on that budget so the market gains some level of confidence in their ability to service thier debt. The BoE cannot just keep propping up GBP and Gilts until the government somehow manages to magically fund the -£60B hole in their budget.
I got a pension fund statement today for one of my pensions from a previous employer to find that last year they had lost 10% of my investment. They still had the audacity to charge me a management fee.
Edit: contributory pension that I won’t be claiming for 20-30 years.
Basically the giant economic pyramid scheme is now coming to the inevitable crash and crumble. Prepare for civil unrest and then full scale war 👍
We all know that isn’t going to happen and we all know the BoE will bail them out buying more bonds to keep the ship creaking along for a few more weeks while managers and CEOs recoup personal funds from failing brokers. And it’ll be then, once the rats have scarpered, the bailouts will suddenly stop.
Parity with the dollar by end of next week seems like an optimistic expectation at this point.
People won’t take to the streets… people just complain and get on with it. It’s a fucking disaster, but people just complain online then do nothing. Same shit all the time.
if the pension collapses. people then lose their hard-earned money.
domino that will trigger other bank runs, and even…. Market Runs.
Those market runs then lead to collateral issues that then trigger
margin calls. Those margin calls then cause Funds to close on their bets
Fuck me to death and beyond.
If Trussed Up & Kamikaze don’t come out tomorrow with several monster U-Turns garnished with some fat windfall taxes, the only way out of this is going to involve every UK citizen over the age of 16 shipping one eye and a kidney to Beijing.
Yet another intervention that has fucked over young people to benefit older people
The contagion in the pension market is almost exclusively in defined benefit pensions, which have almost all been closed to new applicants for quite a while now. So most young people are on defined contribution schemes which are not exposed to this risk (from LDIs).
So basically the BoE intervention is the benefit the pensions of older people while not affecting the pensions of younger people. And the tool to do this (QE) will disproportionately negatively effect younger people.
So once again, young people are effectively bailing out older people, trading away our future. I’m yet to see a single publication really look at the pension crisis from this angle. I live in hope…
Now the older crowd who are diehard Tory voters no matter what might actually start to turn.
Tories really have fucked this country completely.
I don’t understand economics. Let’s say the pensions lose 50% of their fund. Where did the money go? Who has the money that was lost?
Is this part of the covid recession or is it considered to be it’s own thing, the 3rd “once in a lifetime” crisis in the past 14 years?
Worst part is that this one isn’t due to some outside factor like a pandemic or lack of financial oversight, but pure maliciousness and outright corruption
So am I right in my understanding here…
All our pensions are most likely in gilts because they’re “safe”.
When the bank of England withdraws protections they’ll no longer be “safe”?
Our money will then need to be invested in risky stocks etc at a time of huge global financial instability and likely depression?
Very nice, get forced by the government to use a private pension because of systemic underfunding of the state pension, then they decide to crash them all for the benefit of their mates to loot them. Great combo, Truely love the Tories.
It’s insane that Tories will do whatever they can to strip the public sector of any kind of functional effectiveness and then be surprised when people’s pensions go belly up because the bond market tanks. It’s exactly like sabotaging your own business then blaming consumers when they don’t want to buy your product. Absolute madness.
Imagine investing 100s/1000s of pounds a month of your income for 40 years in “financial experts”, and then being told that its all gone to shit in less than a week because interest rates are going up (not down) and someone declared a tax cut that hasn’t actually happened yet
Pensions are the new sub-prime mortgage scandal. Can’t wait to see what they’ve been cooking up in the books
People are too complacent with everything going on.
In the end we are the majority.
I’ve just checked my pension, it’s down 13%.
Fuck you tories.
The cat is out the bag now. UK government has revealed just how blaze they are with public finances either through incompetence or some warped agenda and now can’t be trusted. BoE can fight them all they want but it won’t end well at the end of the day what can’t be sustained won’t be.
You will own nothing apparently and be happy says klaus swobbbbb…..2030 agenda is In full effect..
As someone who isn’t that clued in on pension funds and hedge funds etc, what does this imply for people?
If it all goes to shit will that thing happen when banks can seize/ use people’s deposits? Apparently there’s a proper name for it and some formal paper was released last year outlining how it works.
This is what should happen the gov and central banks should not bail out any industry if business or hedge funds are run poorly they should get punished same with people going max borrowing on a house. If we keep bailing these zombie pension funds and business and banks. It stifle growth and innovation in the space. The only way people learn is from mistake and that’s usually from lost of money
29 comments
We are so fucking screwed it just isn’t funny.
How bad does it have to get before people take to the streets in outrage?
Stephen Hammond (Con) is now calling for a reverse in the reverse of the corp tax rise.
What’s this now, the 5th Tory rebellion this year?
These were golden pensions.
It is outrageous that the bank of england even decided to bail out these corporations (think blackrock etc) without approval from parliament.
At the time when the country is being destroyed by hyperinflation the bank decided to print some more – to bail out corporations that had excessively speculated with derivatives for decades…
Said this earlier today, now even more relevant:
This is just absurd at this point. We collectively need to do something to get this Government out.
The tax cuts will have to be reversed – all of them.
Market opening next Monday is going to be fun.
I reckon by Weds we will get the panic, turbo-austerity spending plan, read by Kami-Kwase from a scrawl on a napkin.
In dumb person terms on a scale 1 to 100 how bad is this?
This comment isn’t directed at the pension funds, but rather the government. Game of chicken.
They have 3 days to u-turn on that budget so the market gains some level of confidence in their ability to service thier debt. The BoE cannot just keep propping up GBP and Gilts until the government somehow manages to magically fund the -£60B hole in their budget.
I got a pension fund statement today for one of my pensions from a previous employer to find that last year they had lost 10% of my investment. They still had the audacity to charge me a management fee.
Edit: contributory pension that I won’t be claiming for 20-30 years.
Basically the giant economic pyramid scheme is now coming to the inevitable crash and crumble. Prepare for civil unrest and then full scale war 👍
We all know that isn’t going to happen and we all know the BoE will bail them out buying more bonds to keep the ship creaking along for a few more weeks while managers and CEOs recoup personal funds from failing brokers. And it’ll be then, once the rats have scarpered, the bailouts will suddenly stop.
Parity with the dollar by end of next week seems like an optimistic expectation at this point.
People won’t take to the streets… people just complain and get on with it. It’s a fucking disaster, but people just complain online then do nothing. Same shit all the time.
if the pension collapses. people then lose their hard-earned money.
domino that will trigger other bank runs, and even…. Market Runs.
Those market runs then lead to collateral issues that then trigger
margin calls. Those margin calls then cause Funds to close on their bets
Fuck me to death and beyond.
If Trussed Up & Kamikaze don’t come out tomorrow with several monster U-Turns garnished with some fat windfall taxes, the only way out of this is going to involve every UK citizen over the age of 16 shipping one eye and a kidney to Beijing.
Yet another intervention that has fucked over young people to benefit older people
The contagion in the pension market is almost exclusively in defined benefit pensions, which have almost all been closed to new applicants for quite a while now. So most young people are on defined contribution schemes which are not exposed to this risk (from LDIs).
So basically the BoE intervention is the benefit the pensions of older people while not affecting the pensions of younger people. And the tool to do this (QE) will disproportionately negatively effect younger people.
So once again, young people are effectively bailing out older people, trading away our future. I’m yet to see a single publication really look at the pension crisis from this angle. I live in hope…
Now the older crowd who are diehard Tory voters no matter what might actually start to turn.
Tories really have fucked this country completely.
I don’t understand economics. Let’s say the pensions lose 50% of their fund. Where did the money go? Who has the money that was lost?
Is this part of the covid recession or is it considered to be it’s own thing, the 3rd “once in a lifetime” crisis in the past 14 years?
Worst part is that this one isn’t due to some outside factor like a pandemic or lack of financial oversight, but pure maliciousness and outright corruption
So am I right in my understanding here…
All our pensions are most likely in gilts because they’re “safe”.
When the bank of England withdraws protections they’ll no longer be “safe”?
Our money will then need to be invested in risky stocks etc at a time of huge global financial instability and likely depression?
Very nice, get forced by the government to use a private pension because of systemic underfunding of the state pension, then they decide to crash them all for the benefit of their mates to loot them. Great combo, Truely love the Tories.
It’s insane that Tories will do whatever they can to strip the public sector of any kind of functional effectiveness and then be surprised when people’s pensions go belly up because the bond market tanks. It’s exactly like sabotaging your own business then blaming consumers when they don’t want to buy your product. Absolute madness.
Imagine investing 100s/1000s of pounds a month of your income for 40 years in “financial experts”, and then being told that its all gone to shit in less than a week because interest rates are going up (not down) and someone declared a tax cut that hasn’t actually happened yet
Pensions are the new sub-prime mortgage scandal. Can’t wait to see what they’ve been cooking up in the books
People are too complacent with everything going on.
In the end we are the majority.
I’ve just checked my pension, it’s down 13%.
Fuck you tories.
The cat is out the bag now. UK government has revealed just how blaze they are with public finances either through incompetence or some warped agenda and now can’t be trusted. BoE can fight them all they want but it won’t end well at the end of the day what can’t be sustained won’t be.
You will own nothing apparently and be happy says klaus swobbbbb…..2030 agenda is In full effect..
As someone who isn’t that clued in on pension funds and hedge funds etc, what does this imply for people?
If it all goes to shit will that thing happen when banks can seize/ use people’s deposits? Apparently there’s a proper name for it and some formal paper was released last year outlining how it works.
This is what should happen the gov and central banks should not bail out any industry if business or hedge funds are run poorly they should get punished same with people going max borrowing on a house. If we keep bailing these zombie pension funds and business and banks. It stifle growth and innovation in the space. The only way people learn is from mistake and that’s usually from lost of money