Opsec, here are some words from an old poem:
Orientis partibus
In eastern lands,
adventavit asinus
the ass arrived,
pulcher et fortissimus
pretty and so strong
That speech has a lot of blah blah blah before he finally comes to the point, which I think can be summed up like this:
1. Government spending has (and tends to) rise faster than tax receipts.
2. This debases the currency and furthermore, since the currency is pure fiat, it tends to produce a self-reinforcing loop where the expectation of future inflation causes the currency to lose value ever faster.
3. There are huge UNFUNDED liabilities on the books associated with promises that were made to the baby boomer generation regarding social security, medicare, etc.
4. Those unfunded liabilities can not be handled by the system.
Don't jump to the wrong conclusion. The wrong conclusion would be that the government actually WOULD fund those unfunded liabilities and break the system.
The correct conclusion is that anybody my age or younger is pretty much completely on his own to take care of his retirement.
Not said by the speech, is the fact that MOST of the programs that the policy think-tanks came up with for people to SELF-FUND retirement have BACKFIRED.
401(k) plans are almost a total washout, because so badly designed were they, that they created a massive incentive to use them as dumping grounds for assets that the investment banks don't know what else to do with because the BIG BOYS, the hedge funds, won't buy them, realizing that they are overpriced garbage.
IRAs were a better deal, because the owner has far more control over them, which is largely why the government immediately restricted who is allowed to have one.
So far the best program for the owner, by far, is the Roth IRA.
Now, going back to the problem of too many aging boomers, and not enough (productive) workers: what Fisher dare not say, but I will, is that there is a demographic ticking time bomb, that was intentionally created through think-tank created "movements" such as Feminism and Welfarism, before all the consequences were realized (not that they care too much...). Basically, in one or at the most two more generations, the USA is a third-world country comparable to Guatemala. Bear in mind that immigration is accelerating even as higher-paying jobs continue fleeing the continent.
Is that a problem? Well, not for Mr. Fisher and I sincerely doubt he really cares. His problem is making sure that expectations are set correctly so that when TSHTF, the approved outcomes result instead of system meltdown.
99% of the population doesn't see it coming, because they have been conditioned to tune it out. As Dr. Timothy Leary would say "Turn on, tune in, drop out". They commute to office buildings in cars by freeway, seeing nothing of what is going on on the streets; they go home to their exurban communities insulated by nothing but empty space from problems, go home, and turn on the television to wipe their brains.
They have no idea that the local schools are full of Xtacy, and will stubbornly insist that "we don't have those problems here" (for those who don't know: Xtacy is primarily a suburban phenomenon among white middle-class kids).
They have ZERO idea who runs the schools or what their kids are "learning" (in the sense of attitude-conditioning). They have zero idea who Lynda Belt is, or what her so-called "Drama Outreach Program" is about, and furthermore, they don't care. They will aggressively defend the system that is destroying them, because the television and other media have conditioned them to do so.
