Charles Hugh Smith

The Endgame of State/Local Government Pensions – Charles High Smith

There is no way the pensions and benefits promised in an era of financialized abundance can be paid once the wheels of financialization fall off.

Yesterday I described the destructive effect of abundance on decision-making: An Abundance of Bad Decisions. One aspect of this dynamic is the tendency to extrapolate prosperity into the future as a permanent state of affairs.