There is little mercy, however, for 407,000 U.S. workers
who were stunned as their pension fund proposed 60% cuts, only to have the US Treasury say it was not enough.
One of the nation’s largest pension funds (Teamsters) has to
reduce benefits or by 2025, the fund will be drained. The
Central States Pension Fund provides pension payments for
former Teamster union truck drivers and currently pays out
$3.46 in pension benefits for every $1 it receives from employers. This is draining the fund of $2 billion a year and the plan
therefore suggested cuts of 60 percent.
Big well known money people have been making ominous warnings about another coming financial meltdown. Why are they making these dire warnings now? Financial writer Holter says, “Because it’s gotten so obvious . . . these guys are extremely brilliant people. I am glad they finally came around and figured it out. . . . They’re getting on the record is what they are doing. You would not have the caliber of names all lining up in the last 60 to 90 days . . . unless it was going to happen pretty soon.” Join Greg Hunter as he goes One-on-One with Bill Holter of JSMineset.com. Click the links below.
Gerald Celente's economic trends
Italian banker's murder exposed.