John Bruton: Our Ponzi Scheme Economy Will Collapse

Kershaw

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John Bruton thinks our ponzi scheme economy will collapse.
Who'd have thunk it?

In a video of a meeting held in his honour at the exclusive 21 Club in New York last year (arranged by the legal firm Matheson), Mr Bruton said that in the US the promises implicit in social insurance schemes such as Medicare and Medicaid would be broken and the same is going to happen in Europe and Japan.

American social insurance schemes, “Medicare and Medicaid and social security”, he said, “are completely unaffordable. And will not be afforded. And will not be deliverable. These promises will be broken here in the US. The same is going to happen in Europe.”

“it’s going to happen — those promises are going to be broken.....and they have to be broken. Because they can’t be afforded. We're not going to have enough people to produce the w...to full-fill those promises....[clip trails off]”
The reason is, our countries have relied on an ever-increasing population to enlarge the tax base in order to pay off promises made to the previous generations but they now realise even though they've opened the borders to immigrants from all over the world, as Bruton mentions at the end of the clip we're still not going to have enough people to produce the wealth and taxes which are needed to full-fill their promises or the economy as the rest of the world is overtaking us due being able to do the same work for less.

Anyone knows anything about pyramid schemes knows they are unsustainable and will ultimately collapse which is why they are illegal for everyone except the government and now we have a former Taoiseach openly admitting that our ponzi scheme economy will fail and has to fail. So why are we still being forced to pay into it? Why are people still being told the state will pay their pensions when they retire by taxing the unborn which has inflated the cost of things like housing as people are willing to pay more for it? Why aren't we allowed to live in economy where during the course of an average person's working life, they earn enough to provide for all their needs and prices adjust accordingly instead of being inflated while the buck is passed.



It is not mentioned whether John Bruton was aware he was being filmed:

[video=youtube;uC6f0Brhzp0]https://www.youtube.com/watch?v=uC6f0Brhzp0[/video]

http://www.independent.ie/irish-news/john-bruton-populations-are-blaming-austerity-on-bankers-like-people-in-the-17th-century-blamed-witches-30495871.html
 
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NYCKY

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John Bruton thinks our ponzi scheme economy will collapse.

In a video of a meeting held in his honour at the exclusive 21 Club in New York last year (arranged by the legal firm Matheson), Mr Bruton said that in the US the promises implicit in social insurance schemes such as Medicare and Medicaid would be broken and the same is going to happen in Europe and Japan. The reason is, our countries have relied on an ever-increasing population to enlarge the tax base in order to pay off promises made to the previous generations but they now realise even though they've opened the borders to immigrants from all over the world, we're still not going to have enough people to produce the taxes which are needed.

Anyone knows anything about pyramid schemes knows they are unsustainable and will ultimately collapse which is why they are illegal for everyone except the government and now we have a former Taoiseach openly admitting that our ponzi scheme economy will fail and has to fail. So why are we still being forced to pay into it? Why are people still being told the state will pay their pensions when they retire by taxing the unborn which has inflated the cost of things like housing as people are willing to pay more for it?



It is not mentioned whether John Bruton was aware he was being filmed:

[video=youtube;uC6f0Brhzp0]https://www.youtube.com/watch?v=uC6f0Brhzp0[/video]

John Bruton:
Why are you still being forced to pay into it? Don't worry about the why but worry about the how much? Your contributions will rise, this isn't going away.
 

derryman

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Well I watched that video up to where. Mr Bruton spoke of the printing of money one day going to inflate inflation.
round about there I just felt to deflated to continue. When I feel sufficiently inflated I may continue.
 

at768

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What about reducing pension payments by building apartment blocks for retired workers with free rent for them.
 

blinding

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Bruton is definitely getting too much handy cash out of the ponzi scheme.

I wonder will he pay back any of this handy money or pay some other consequence if it all comes crashing down.

Anyone remember Gerald Ratner and his "Rubbish" speech

Bruton becomes Ireland's Ratner. All that back slapping and Bruton just cannot help himself.

Mind you his best talent is helping himself to our money.

We should start by taking a hell of a lot of it back off him.
 

wombat

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Sindo really scraping the barrel. Nothing happening in the world worth reporting other than a video of part of a speech by a banking lobbyist to a bunch of bankers:lol:
 

Eoin Coir

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Sindo really scraping the barrel. Nothing happening in the world worth reporting other than a video of part of a speech by a banking lobbyist to a bunch of bankers:lol:
Sindo, silly season and Anne Aldershot Harris ?
 

Sync

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American social insurance schemes, “Medicare and Medicaid and social security”, he said, “are completely unaffordable. And will not be afforded. And will not be deliverable. These promises will be broken here in the US. The same is going to happen in Europe.”

“it’s going to happen — those promises are going to be broken.....and they have to be broken. Because they can’t be afforded. We're not going to have enough people to produce the w...to full-fill those promises....[clip trails off]”
Is any of the above disputable? No? Best to just attack the guy who's repeating what many experts have said in the past. That'll fix the problem.
 

Glaucon

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Is any of the above disputable? No? Best to just attack the guy who's repeating what many experts have said in the past. That'll fix the problem.
They are affordable, provided budgetary policy is amended to meet the costs of it (i.e. higher taxes or a larger working population). Canada's Medicare and Medicaid system functions perfectly well, for instance.
 

Itsalaugh

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Is any of the above disputable? No? Best to just attack the guy who's repeating what many experts have said in the past. That'll fix the problem.
Unless there's a massive return to protectionism we can't compete with India, Indonesia which have basically no welfare and in China where its growing but likely to remain negligible. Coupled with structural unemployment already existing how do we pay the pensions.
I think its time to at least stop the productivity mantra and cut the working week and aim for full employment and a much reduced welfare bill.
 

Sync

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They are affordable, provided budgetary policy is amended to meet the costs of it (i.e. higher taxes or a larger working population). Canada's Medicare and Medicaid system functions perfectly well, for instance.
Right so the current approach is unaffordable then?
 

Glaucon

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Right so the current approach is unaffordable then?
That's not what Burton said. He said that ''Medicare and Medicaid and social security are completely unaffordable. And will not be afforded. And will not be deliverable'', which is nonsense. There is no reason whatever why this must be the case.
 

SideysGhost

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Humans are weird. Our careers advice teacher back in school...over 20 years ago....said there was a good chance that our generation would not be retiring until well into their 70s, if they could afford to retire at all, and that state pension schemes would be gradually, slowly dismantled over the course of our working lives and never to assume we would actually get one.

And he was probably right, more-or-less.

It is a ponzi scheme, and at the moment the current generation in charge are plundering anything that isn't nailed down before the pyramid collapses. The chickens will start coming home to roost by the late 2020s, and a lot of people here are going to be in for a bit of a shock.
 

McDave

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Funny. For a moment I was expecting he might just be taking a cut at our re-emerging property bubble. But of course, no. He's taking a cut at welfare.

JHC!
 

blinding

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Funny. For a moment I was expecting he might just be taking a cut at our re-emerging property bubble. But of course, no. He's taking a cut at welfare.

JHC!
Its a pity that he won't cut the extraordinary amount of welfare that he is getting from the Irish people.

Leading by example would be better than leading with his money grabbing gob.
 

Fractional Reserve

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Get real , the system that's in play in Western welfare socialist states is completely unaffordable .Bruton is mouthing off but he is part of em the problem that increased the size of the state or did nothing to decrease it .We are seeing the collapse of the welfare state , borrow never pay it back , economically illiterate career politician .
 

Itsalaugh

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Humans are weird. Our careers advice teacher back in school...over 20 years ago....said there was a good chance that our generation would not be retiring until well into their 70s, if they could afford to retire at all, and that state pension schemes would be gradually, slowly dismantled over the course of our working lives and never to assume we would actually get one.

And he was probably right, more-or-less.

It is a ponzi scheme, and at the moment the current generation in charge are plundering anything that isn't nailed down before the pyramid collapses. The chickens will start coming home to roost by the late 2020s, and a lot of people here are going to be in for a bit of a shock.
Well the American sheeple definitely don't want to face reality.
The Most Honest Three Minutes In Television History - YouTube
This decline may partly explain ever increasing US bellicosity.
 

mr_anderson

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That's not what Burton said. He said that ''Medicare and Medicaid and social security are completely unaffordable. And will not be afforded. And will not be deliverable'', which is nonsense. There is no reason whatever why this must be the case.

It's probably more politically impossible than mathematically so, but even still, massive resources would have to be transferred from other sections of the economy to fund these choices.

If you have a shrinking (contributing) population alongside a booming (non-contributing) population, it doesn't take a genius to work out that the burden of the many shall be carried by fewer and fewer people.
Add in spiralling healthcare costs and that burden could break their backs.

Basically it's Japan, who have chosen the borrowing route resulting in their debt rocketing to a stratospheric 220% of GDP.

The answer to this forthcoming problem is obvious, if a little hard to swallow.
If you don't save enough during your working life, your standard of living will drop in old age.
The contributions people currently make to things like their pensions, do not go anywhere near enough to cover the costs.

And precisely like pensions, nothing will be done until it's too late.
 

McDave

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Get real , the system that's in play in Western welfare socialist states is completely unaffordable .Bruton is mouthing off but he is part of em the problem that increased the size of the state or did nothing to decrease it .We are seeing the collapse of the welfare state , borrow never pay it back , economically illiterate career politician .
Get real. Bruton has plenty to say about unaffordable welfare 'Ponzi schemes' [as attributed by the OP], but nothing to say about property (and other asset) Ponzi schemes.
 


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