Josh Sigurdson talks with author and economic analyst John Sneisen about the coming pension crash as Jeff Desjardin predicts that the global pension shortfall will reach 400 trillion by the year 2050 based on analysis by the World Economic Forum showing the deficit is growing $28 billion every 24 hours and the combined retirement savings gap reached in excess of $70 trillion in 2015 spread between eight major economies.
Now, 400 trillion is more than 4 times the size of the global GDP and is absolutely impossible to pay off. People simply will not get their pensions. With people born in 2007 expected to live on average to the age of 103, that’s a regular income for many, 50 years long. That simply cannot be paid for.
Then to assume that this will happen by 2050 is also a little absurd considering the massive shortfall today, the system will crash long before that.
This will cause vast poverty and people will take to the streets. This is a problem of complete dependence and a coercive state. People are forced into a system where instead of saving money for themselves, they are forced to pay into their pension by the state in many cases for banks and government to invest their pensions terribly and risk everything.
The state depends on the dependence of the populace, so when they’re given such a huge opportunity to play with people’s lives, they will take the opportunity.
Individuals must go off the grid and learn how to save for their futures. Self sustainability and financial responsibility are crucial for long term well-being and financial stability. If individuals do not save and expect a pension to fall on their lap decades down the line, they will be in a lot of trouble.