“Don’t fall for Ponzi schemes!” warns government planning to pay your pension by recruiting entirely new generation of gullible taxpayers

author avatar by 3 years ago

UK Government plc has warned resident stakeholders not to fall for Ponzi schemes whilst allowing future generations to foot the cost of retirement for others.

Tory bastard and deregulation fan, The Righter Honourable, Earl Lord Sir Simon Williams (K+C+O+M)BE said, “People must be careful not to fall for Ponzi – also know as pyramid – selling schemes where people who got into a scheme early have their lifestyles funded by those coming later to the scheme, and where those who join late inevitably suffer financially.

“By contrast, pension schemes work by those people who got into it early having their lives funded by those coming later to the scheme, who inevitably… Oh.

“Obviously, now I’ve said it out loud…

“Look at it this way, pension schemes are backed by a special insurance scheme, who are ready for when every single pension scheme eventually and inevitably fails. Because they have an infinite amount of money.

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“What do you mean, ‘They don’t’??? Of course they do, the government will just keep printing money and giving it to the richest people to distribute at a percentage of their ‘promised’ levels – maybe even as high as a half of one percent! – with the resulting hyperinflation making them able to almost afford bread!

“What more do they need?

“For that, it seems like contributing only 8% of your salary for 50 years is a fantastic deal!”