In essence, your pension, savings, 401k, IRA and any other financial reserves are a line of credit, to be drawn upon under certain rules, or suffer a penalty, and able to be withdrawn at any point.
No, no you say. A line of credit has to be repaid, and my financial reserves are all savings of some sort.
No, you have it exactly backwards. For your efforts along the lines of what has been asked of you, you were compensated against a line of credit. None of those corporations or governments had or has money. They have been operating ever more since the 1970s on borrowed credit, and asset-less backed credit at that. So when they added to your tallies of compensation, they simply assigned some of their credit to you.
In the measure the economy is false, the idea has always been someone will produce something later, and your compensation, in the form of credit, will be traded for actual value someone will later provide. The apotheosis of this arrangement is social security. Tomorrows kids will work so you can have a forty year retirement, after a forty year career in which you possibly really produced nothing.
Perhaps it is time to take that credit line and start a business so when things are marked to market you have something that will actually be more valuable than your line of credit based-pension.
Feel free to forward this by email to three of your friends.
No, no you say. A line of credit has to be repaid, and my financial reserves are all savings of some sort.
No, you have it exactly backwards. For your efforts along the lines of what has been asked of you, you were compensated against a line of credit. None of those corporations or governments had or has money. They have been operating ever more since the 1970s on borrowed credit, and asset-less backed credit at that. So when they added to your tallies of compensation, they simply assigned some of their credit to you.
In the measure the economy is false, the idea has always been someone will produce something later, and your compensation, in the form of credit, will be traded for actual value someone will later provide. The apotheosis of this arrangement is social security. Tomorrows kids will work so you can have a forty year retirement, after a forty year career in which you possibly really produced nothing.
Perhaps it is time to take that credit line and start a business so when things are marked to market you have something that will actually be more valuable than your line of credit based-pension.
Feel free to forward this by email to three of your friends.
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