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Cake day: 2023年7月5日

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  • There’s other less subtle differreces with the pensions-on-the-capital-markets model in North America. It really is you-manage-your-own-savings model.

    That means you decide to contribute something, or nothing. This is a big problem because this money can be extracted by businesses via higher prices and marketing. As prices go up people spend more of their wages to cover expenses with less and less remaining for savings. This is the largest reason for 50% of Canadians and Americans having no pension savings.

    The other significant difference is that you decide exactly what to do with those savings, buy a diversified ETF or GameStop, the whole casino is yours. This means everyone has to do the same work of learning, reading, not being wrong, not fall for legal scams of which there are plenty. And if you happen to be unlucky to be of retirement age in 2008, you end up working till you die. I had a colleague while working at one of the big Canadian banks that lost his savings like that so he couldn’t retire. The time and ability to manage retirement investment is not the same between some who works in finance, a grocery store cashier, a brick layer and a dedicated pension fund professional.

    This is the reality that most of us live with here. Some lucky bastards have the old school defined benefit pensions that their employer contributes money to and manages (either internally or through a dedicated fund management entity). Those don’t suffer from either of these issues and such pensions are often invested in capital markets and other things. For example the Ontario Teachers Pension Plan. That scheme works fine but most companies that had it got rid of it cause it’s more expensive than dumping all the risk to employees.




  • Avid Amoeba@lemmy.caOPtoMemes@lemmy.mlCome on
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    2 天前

    I think that’s a result of them being less willing to throw AI at everything earlier on. They didn’t slap it on use cases where it didn’t work so well. Instead they gradually introduced use cases where AI integration did add obvious value. That strategy ended with ChatGPT’s public explosion.









  • “It’s more the fact that in America, because you don’t have state guaranteed pay-as-you-go pension schemes, anyone who works and who needs to think about his old age needs to directly be engaged in thinking about investing in capital markets.”

    Ah yes, famously something we really love in NA. A system that gave us 50% pop with no retirement savings across US and Canada. You def want that!

    Serious - not saying integrated capital markets aren’t needed but the NA neoliberal pension model is not something that’ll encourage social stability.