HAVE WE GOT A DEAL FOR YOU! I have an old acquaintance named Kate who has a hell of a deal for you. Kate is actually a pretty famous gal with a big reputation. Unfortunately, she has been a bit down-and- out on her luck lately…but she’s trying to make a comeback…and Kate is prepared to float you a really great investment opportunity. Here’s the deal she’s offering: you give Kate your hard-earned retirement savings and Kate will invest your funds, and pay you a rate of return. Granted, the rate of return she’s promising doesn’t quite keep up with inflation, so you will be losing some money, but don’t dwell on that too much. Also, rather than invest your funds in productive assets, Kate is going to blow it all on food gift cards, all day kindergarten (subsidized daycare), bonuses for crown corporation managers running money losing business (OPG, PAN-AM Games), termination packages for incompetent performance, and healthcare software that doesn’t work. So when it comes time to make interest payments, Kate won’t have any money left. Don’t worry, though, she still has that good ole’ credibility. So even though her financial situation gets worse by the year, Kate will just go back out there and borrow more money from other people to pay you back. Of course, she will be able to keep doing this forever without any consequences whatsoever. I know what you’re thinking, “where do I sign up?” Right? It’s the deal of a lifetime. This is basically the offer that the Premier of Ontario floated with regard to an Ontario Pension Plan. And like an unctuously over-gelled used car salesman, she actually pitched Ontarians on loaning their retirement savings to her government with a straight face, guaranteeing “a decent return with no risk of losing what you put in …” This is her new Ontario Pension Plan. And the aim is simple -- dupe unwitting Ontarian’s to plow their retirement savings into her government’s shrinking coffers. According to their own financial statements, the Ontario Government has bonds and debentures payable of $281 billion due over the next 25-50 years, with $123B or 43% due in the next 5 years. To make matters even more urgent, $45.362 billion is due this year-2014 (or 16% of the total). So, the Ontario Government has to find some way to rollover the debt (i.e. find willing or unwilling buyers of bonds) when it comes due. To me, that seems likely to be the Ontario worker through this latest rabbit-out-of-a-hat Ponzi scheme. We’ve been talking about this for years. I have written that the government would one day find a way to tap into the life savings of hard working taxpayers to meet their own immediate needs and retain political power. Well here it is. We now have the infrastructure being built (or gallows---the Ontario Pension Plan) to push us into the ‘safety and security’ of Ontario bonds and debentures. The government is broke. Even by their own assessment the government’s “net worth” is in a negative balance. fin.gov.on.ca/en/budget/paccts/2013/13_cfs.html#financial Heres the thing: according to Statistics Canada, Ontario taxpayers buy $13.5 billion worth of RRSPs each year. For a government as bankrupt as Premier Moms, a small chunk of that is worth at least a gas plant or two, even if you have to shut the construction down before completion. They need that money. They need YOUR money. The Ontario Pension Plan is the critical first step to corralling your hard earned retirement funds.
Posted on: Fri, 31 Jan 2014 04:54:23 +0000
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