[XYTommy]

Clint Richardson--Producer of The Corporation Nation has made Part 2 of this epic work--called The Great Pension Fund Hoax:

http://www.youtube.com/watch?feature...&v=fhkWueEjewM



I discovered this while reading an article about California's budget deficit here:

http://realitybloger.wordpress.com/2...rom-taxpayers/

California's budget deficit is a fraud--a wilful misrepresentation of facts for the purpose of raising taxes and reducing services, aka--austerity.


Hatha

[XYTommy]

Yes, it's nearly 4 hours long. Most of it however is Clint Richardson reading out numbers from CAFRs of state and municipal pension funds. If you watch the first 30 minutes, and then the last 30 minutes, you'll get the point--which is that the governments use the pension funds to hoard wealth--with the 'employer share of the contributions being anywhere from between 1X the employee contribution to 10X or more. The money belongs to the fund--not to the employees, and it earns very high rates of return.

The impact of this process, Richardson claims, is that the big corporations are owned by government. He tracks down about $8 billion in Apple stock owned by pension funds, but looking at Apples Market cap--at about $525 billion makes this not a large part of the ownership of Apple. Likely the case for many other stocks. But it does look like a scam.

Hatha

[deermealec]

California's budget deficit is a fraud--a wilful misrepresentation of facts for the purpose of raising taxes..
Since when has austerity tax meant anything other than maintaining royal families in the status quo?

[XYTommy]

Since when has austerity tax meant anything other than maintaining royal families in the status quo?

Royal families have been replaced by the government. The video in the OP demonstrates how the government has captured ownership of the means of production. That is the fundamental idea of communism. It was not long ago, accepted that 'the people' were the owners of 'public property'--that is, what the government owned. Not so any longer. The people own nothing but an obligation to support the 'collective' with hard work and devotion to duty. The rulers own everything, and decide which people should get what of the wealth that the people themselves create. The government considers itself generous when it throws crumbs at the peoiple by letting them keep what they produce. We can all improve our lot in life by forming our own corporations to produce and protect wealth from the government.


Hatha

[deermealec]

We can all improve our lot in life by forming our own corporations to produce and protect wealth from the government.


Hatha

The devil always extends a supporting hand to willing subsidiaries.