22 Replies to “Run Screaming From This Pension Idea”
He makes it sound like there’s actually money in government pension plans. Interesting.
I like this guy. Michael Campbell tells it like it is.
On an interesting side note the funding of infrastructure by the Bank of Canada by creating the currency at zero interest for “the public good” is exactly what the Rocco Galati COMERS v CANADA lawsuit is all about. They are arguing the explicit language the Act is being violated by borrowing from banks. http://www.socred.org/index.php/blogs/view/the-case-to-reinstate-the-bank-of-canada
Didn’t he say government pensions? Hmm, I fail to see the problem. Government employees are a bastion of progressives disconnected from reality. Let the prog’s squander their retirement, working at 70 will keep them healthy!
Michael Campbell,the “Campbell” brother we wish had run for Premier,has been spot on over the years,very often. He breaks financial bafflegab down into language we peasants can understand, and for that I have always liked the guy..
One prediction in which he was dead on; when asked if global warming was real in about 1993, he replied that it didn’t matter if it was real, governments would jump on the bandwagon because they’d have an excuse to endlessly raise taxes and “green” companies would join in for the subsidies.
On another occasion,when he was asked about the “high tech” boom that was allegedly about to hit Canada, he replied that the “boom” would be very temporary,as,he said,”there are more tech school students in India than there are people in Canada”.
On the borrowing from the pension funds idea, it’s a fast track to bankrupting the pension fund. As Michael Campbell said,I have NEVER seen a government contract that didn’t have huge cost over runs.
Mike, that was my instantaneous first thought as well.
Don’t forget that moron is so stupid he actually said budgets will balanced themselves. If that ain’t a Marxist economics mentality I don’t know what is.
For details on the size of the Canada Pension Plan and how it is currently invested, plus some history on how we got there, see my article in Dave’s Insights: “Corporate Profits, Critical to Your Canada Pension Plan”. It also includes several links and details at the end. Here is a direct link: http://heinzegroup.com/insight.htm#12
Funny you should mention that, as by this article (http://news.nationalpost.com/full-comment/andrew-coyne-cpp-board-cant-escape-blame-for-its-bloated-state) the boys at the top have been playing fast & loose with whatever cash they get over the years; foreign offices, Wall Street salaries et al. By the time the CPPIB get done with feathering their own nests with your forced CPP payments, there probably will be no money left for pensioners. Ditto for .gov pensions, too.
Cretin looted EI.
Turdeau wants to loot CPP.
Wow…totally didn’t see that coming…[/sarc]
MP’s don’t care ’cause they get their lucrative pensions no matter what hurt they inflict on the Canadian itizenry. This is nothing more than the young stealing from the old. That is why they voted the Liberals into power.
Marxist economics mentality. What a scary combination of words. Marxist coercion, Marxist thuggery, Marxist lunacy, Marxist lies, Marxist perversion, Marxist science (Lysenkoism) … all not scary, just stupid. But Marxist economics mentality, now that can kill a country for generations.
Back in the 1980s, the speaker of the California legislature, a commie rat, wanted to force the state pension fund, CalPers, the largest state pension fund in the country, to invest in public housing! That would have been a great money maker for the pension fund. Fortunately, he couldn’t get the bill through the legislature. But the California commies have been trying, with some success, to get their mitts on the money ever since.
Only the Liberals could take a massive liability on the books and spin it as an investment.
I hope they take a long summer break.
Lefties always describe government spending as “investing”. They have no clue what the word really means.
Mike, your observation is correct. There really is no money in any of the governments schemes. There are bookkeeping entries but nothing there. All monies have been going into general revenue for a very long time now. They will have to borrow to pay the pensions as it is, never mind some slight of hand accounting trick to show there is money that can be used for anything else. It will be interesting to see how much the money supply will be expanded during the next four years. there will be serious inflation.
I recall reading even before the election that the Libtards were thinking along these lines, how else would they get the money for thir massive campaign promises. Does’nt Quebec do the same thing, force Pension funds to buy Quebec government bonds. Quebec of course has all the rest of Canada to back up their wacky ideas. Maybe it’s a good idea (ya right), after all as our ‘dear leader’ has stated, the only good prime ministers have come out of Quebec.
Don’t blame me I didn’t vote for ‘dear leader’ and his pack of morons, but unfortunately I do have to help pay for the damage they do.
CPP is not a government ‘book entry’! It has a independent board and I believe is close to $300 billion. The CEO just resigned which turned heads. The issue is how the CPP grows assets fast enough to pay out all the ‘long life’ boomers coming down the pike. Getting a 6% bottom line return is getting very hard to do without significant risk. With negative interest rates in many countries and true inflation above 3% pension funds are falling behind.
At some point the echo boomers will realize that their benefits will be gone or at a minimum seriously eroded. Do they rebel? They should kick off their sheepel monikor and wake up.
Mike, I think that this is one of the most effective ways to argue against the left’s incorrect use of the word “invest” to mean “throwing more money at something”.
Investing in higher education? Students graduating $100,000 in debt for a degree that lets them pour coffee is a poor investment, if the education market hadn’t been flooded then the value of education might be the equivalent of what it was 50 years ago. Instead degrees are becoming Zimbabwe (or Weimar Republic) dollars. Bad investment.
Investing in a bridge? How much will the bridge earn back that can be directly tied to the bridge? What tolls are charged? Saving 100,000 people 2 hours a day has a value to society at large but how much are they willing to pay for it? They don’t, they expect it to come from taxes that won’t increase after the bridge is built? Public necessity, but bad investment as a stand-alone.
CT, I challenge you to find that 300 billion anywhere other than on paper.
He makes it sound like there’s actually money in government pension plans. Interesting.
I like this guy. Michael Campbell tells it like it is.
On an interesting side note the funding of infrastructure by the Bank of Canada by creating the currency at zero interest for “the public good” is exactly what the Rocco Galati COMERS v CANADA lawsuit is all about. They are arguing the explicit language the Act is being violated by borrowing from banks.
http://www.socred.org/index.php/blogs/view/the-case-to-reinstate-the-bank-of-canada
“The Olympics can no more have a deficit than a man can have a baby” Mayor Jean Drapeau, Montreal.
https://en.wikipedia.org/wiki/1976_Summer_Olympics
Didn’t he say government pensions? Hmm, I fail to see the problem. Government employees are a bastion of progressives disconnected from reality. Let the prog’s squander their retirement, working at 70 will keep them healthy!
Michael Campbell,the “Campbell” brother we wish had run for Premier,has been spot on over the years,very often. He breaks financial bafflegab down into language we peasants can understand, and for that I have always liked the guy..
One prediction in which he was dead on; when asked if global warming was real in about 1993, he replied that it didn’t matter if it was real, governments would jump on the bandwagon because they’d have an excuse to endlessly raise taxes and “green” companies would join in for the subsidies.
On another occasion,when he was asked about the “high tech” boom that was allegedly about to hit Canada, he replied that the “boom” would be very temporary,as,he said,”there are more tech school students in India than there are people in Canada”.
On the borrowing from the pension funds idea, it’s a fast track to bankrupting the pension fund. As Michael Campbell said,I have NEVER seen a government contract that didn’t have huge cost over runs.
I think this is also part of Trudeau’s pension plan. Legalize weed so that people die off before you have to pay out.
Teens Who Smoke Marijuana May Be At Higher Risk Of Death Before Age 60
Mike, that was my instantaneous first thought as well.
Don’t forget that moron is so stupid he actually said budgets will balanced themselves. If that ain’t a Marxist economics mentality I don’t know what is.
For details on the size of the Canada Pension Plan and how it is currently invested, plus some history on how we got there, see my article in Dave’s Insights: “Corporate Profits, Critical to Your Canada Pension Plan”. It also includes several links and details at the end. Here is a direct link: http://heinzegroup.com/insight.htm#12
Funny you should mention that, as by this article (http://news.nationalpost.com/full-comment/andrew-coyne-cpp-board-cant-escape-blame-for-its-bloated-state) the boys at the top have been playing fast & loose with whatever cash they get over the years; foreign offices, Wall Street salaries et al. By the time the CPPIB get done with feathering their own nests with your forced CPP payments, there probably will be no money left for pensioners. Ditto for .gov pensions, too.
Cretin looted EI.
Turdeau wants to loot CPP.
Wow…totally didn’t see that coming…[/sarc]
MP’s don’t care ’cause they get their lucrative pensions no matter what hurt they inflict on the Canadian itizenry. This is nothing more than the young stealing from the old. That is why they voted the Liberals into power.
Marxist economics mentality. What a scary combination of words. Marxist coercion, Marxist thuggery, Marxist lunacy, Marxist lies, Marxist perversion, Marxist science (Lysenkoism) … all not scary, just stupid. But Marxist economics mentality, now that can kill a country for generations.
Back in the 1980s, the speaker of the California legislature, a commie rat, wanted to force the state pension fund, CalPers, the largest state pension fund in the country, to invest in public housing! That would have been a great money maker for the pension fund. Fortunately, he couldn’t get the bill through the legislature. But the California commies have been trying, with some success, to get their mitts on the money ever since.
Only the Liberals could take a massive liability on the books and spin it as an investment.
I hope they take a long summer break.
Lefties always describe government spending as “investing”. They have no clue what the word really means.
Mike, your observation is correct. There really is no money in any of the governments schemes. There are bookkeeping entries but nothing there. All monies have been going into general revenue for a very long time now. They will have to borrow to pay the pensions as it is, never mind some slight of hand accounting trick to show there is money that can be used for anything else. It will be interesting to see how much the money supply will be expanded during the next four years. there will be serious inflation.
I recall reading even before the election that the Libtards were thinking along these lines, how else would they get the money for thir massive campaign promises. Does’nt Quebec do the same thing, force Pension funds to buy Quebec government bonds. Quebec of course has all the rest of Canada to back up their wacky ideas. Maybe it’s a good idea (ya right), after all as our ‘dear leader’ has stated, the only good prime ministers have come out of Quebec.
Don’t blame me I didn’t vote for ‘dear leader’ and his pack of morons, but unfortunately I do have to help pay for the damage they do.
CPP is not a government ‘book entry’! It has a independent board and I believe is close to $300 billion. The CEO just resigned which turned heads. The issue is how the CPP grows assets fast enough to pay out all the ‘long life’ boomers coming down the pike. Getting a 6% bottom line return is getting very hard to do without significant risk. With negative interest rates in many countries and true inflation above 3% pension funds are falling behind.
At some point the echo boomers will realize that their benefits will be gone or at a minimum seriously eroded. Do they rebel? They should kick off their sheepel monikor and wake up.
Mike, I think that this is one of the most effective ways to argue against the left’s incorrect use of the word “invest” to mean “throwing more money at something”.
Investing in higher education? Students graduating $100,000 in debt for a degree that lets them pour coffee is a poor investment, if the education market hadn’t been flooded then the value of education might be the equivalent of what it was 50 years ago. Instead degrees are becoming Zimbabwe (or Weimar Republic) dollars. Bad investment.
Investing in a bridge? How much will the bridge earn back that can be directly tied to the bridge? What tolls are charged? Saving 100,000 people 2 hours a day has a value to society at large but how much are they willing to pay for it? They don’t, they expect it to come from taxes that won’t increase after the bridge is built? Public necessity, but bad investment as a stand-alone.
CT, I challenge you to find that 300 billion anywhere other than on paper.