And now what is society to tell all those who entered into private social security schemes all over the world? Sorry chaps you should not have risked it on your own!
To sell the whole concept of one generation after the other always finding initial final market conditions favourable enough so as to in guarantee them that, in the long run, their older days will be taken cared of, is almost fraudulent.
In this respect I very much share with Peter L. Bernstein that “the possibility the long run has run away is one of the few pieces of good news. “In the long run, we are searching for answers” February 26.
At last we now can go back and discuss on more objective grounds the real differences between pay as you go social security plans based on solidarity between generations and the everyone-is-on-his-own type of private insurance schemes sold lately.