The Pension Crisis continues to spiral out of control and the central banks are incapable to reversing their policy. Raising rates now will cause budgets to explode and all the bonds they bought would collapse in price no less become totally unsalable. Now in Germany, the Bundesbank has addressed this crisis advising that the population must now work long term before receiving a pension and they must endure significantly higher pension contributions. In its monthly report published this week, the German central bank recommended increasing the retirement age to 69 years until 2060. They bluntly said that the federal government should not hide the fact that “further adjustments are inevitable.” Continue reading
- Fighting broke out after the end of largely peaceful trade union march
- New right-wing government was elected in Belgium last month
- It wants to raise retirement age, cancel wage rises and cut welfare benefits
Violence broke out on the streets of Brussels today as more than 100,000 people marched against EU-enforced austerity.
Water cannons and tear gas were used in the centre of the Belgian capital as riot police tried to bring the situation under control.
Fighting broke out soon after the end of a largely peaceful march organised by trade unions and left wing politicians.
‘Metal barriers were thrown at the police, together with stones, and then the situation rapidly got worse,’ said demonstrator Gilles Broussard.
‘Hundreds of riot police were involved in trying to bring the situation under control – it all got very nasty.’ Continue reading