I stumbled across this YouTube video about how a water authority in the Netherlands sold a perpetual bond, one with no maturity date, 367 years ago. The bond has since been acquired by Yale University and it collects about 11 Euros per year interest payment. There's something noble about honoring a financial agreement even though the costs of administering the debt outstrip the debt itself. Hey, a deal's a deal.
8 comments:
It's a shame the Netherlands isn't in charge of our pension plans, which must be incinerated, too bad, so sad.
Cities and towns should just raise taxes to pay for public pensions. Duh, it's so easy.
https://www.ocregister.com/2018/03/18/how-pensions-are-clobbering-small-california-cities-like-santa-cruz/
This intricate topic was covered by the landmark case Legal Obligations v Legal Shmobligations.
That was a Detroit case, right?
No, it was Chicago-style politics. Of course, that was back when President Obama was a bum for deciding which laws he would enforce, and which he would not. Standards and responsibility are different today.
I think you're talking about the case of "Gimme my money" vs. "Blood from a Stone."
Hey, if we're erasing half the blackboard and then insisting there's no arguing with the remaining numbers... when you don't get your Social Security money back, remember to shrug, smile, and say "C'est la vie!."
Math isn't for reasons, math just is.
That was a Detroit case, right?
Michigan has had a Republican Governor for 17 of the last 25 years, and for 34 of the last 50. Michigan's $33.3 billion in underfunded state pensions covers (or fails to cover) teachers, police, judges, government employees and the military. Anyway, stupid liberal Detroit.
Detroit's pensions are underfunded by $491 million, which is (almost) a whopping 1.5% of Michigan's total pension liability.
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