"One might ask: if much of the U.K. pension money was about to vanish, where was it going? Partly to the bankers, of course, but mostly, as with any bubble, the value was simply illusory. In 2001, Argentina forced private pension funds to purchase $2.3 billion in government bonds so that the government could meet external debt Payments. The following day, the funds listed the bonds as an asset, but the value was already gone (Argentina would later confiscate the whole pension system officially). Western countries have done effectively the same thing, only with much more subtlety, without even the players knowing. The pension capital is gone, spent, consumed by the state, all that remains is the realization that it is gone." - Daniel Oliver, Myrmikan Capital

Check out the original paper with some very eye opening charts to super charge the point made in this excellent work. Plus don't forget to explore more from Myrmikan Research if this work is any indication of the work they publish:

https://www.myrmikan.com/pub/Myrmikan_Research_2022_10_18.pdf

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