{"id":34780,"date":"2018-06-05T07:32:41","date_gmt":"2018-06-05T12:32:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34780"},"modified":"2018-06-05T07:32:41","modified_gmt":"2018-06-05T12:32:41","slug":"the-pension-crisis-will-break-up-the-eu","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34780","title":{"rendered":"The Pension Crisis Will Break Up the EU"},"content":{"rendered":"
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The Pension Crisis Will Break Up the EU<\/a><\/h3>\n<\/div>\n
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The German public broadcast agency ARD is proposing structural changes. Due to the low-interest rates, the ECB has placed the agency in hard times with its pensions.\u00a0Karola Wille, the director, has called for struct\"\"<\/a>ural reform to reduce costs. The proposal centers on technological change to increase efficiency in the performance of its mandate. They are also looking at developing cross-media applications to modernize the agency.\u00a0 The ARD is non-profit so the German government has to fund it. As the low-interest rates have undermined pensions throughout Europe, the governments will have to step up and bail them out. This is going to put tremendous pressure on the entire EU budget\u00a0and austerity policy embedded within the single currency.<\/p>\n

We are looking at the same story being painted throughout Europe. The low-interest rate policy for nearly 10 years has not merely destroyed the bond market in Europe, it has undermined the pension system both privately and publicly. Indeed, adding to this crisis is the mandate that all pension funds hold some or the majority of their investments into government debt. The combination of these policies clashes with the ECB and the nightmare on the horizon and why Draghi can\u2019t leave fast enough to avoid personal blame.<\/p>\n

This crisis all stems from the structural design\u00a0of the EU. They tried to be half pregnant with only a single currency and dictatorial control over member state budgets. The refusal to consolidate the debt<\/strong> emphasized the problem of the great disparities in cultures and the prevailing prejudices that exist through Europe between member states as well as within member states such as Bavaria v northern Germany or Spain v Catalonia, Scotland\u00a0v Britain, Italy v Sicily, etc.. This prevailing prejudice is also why the bail-in policy<\/strong> was adopted.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Pension Crisis Will Break Up the EU The German public broadcast agency ARD is proposing structural changes. Due to the low-interest rates, the ECB has placed the agency in hard times with its pensions.\u00a0Karola Wille, the director, has called for structural reform to reduce costs. The proposal centers on technological change to increase efficiency […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[5496,233,281,282,284,431,5479,534,12248,1816],"class_list":["post-34780","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-armstrong-economics","tag-ecb","tag-europe","tag-european-central-bank","tag-european-union","tag-interest-rates","tag-martin-armstrong","tag-monetary-policy","tag-pension-crisis","tag-pensions"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34780"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34780\/revisions"}],"predecessor-version":[{"id":34781,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34780\/revisions\/34781"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}