This article was published by The McAlvany Intelligence Advisor on Wednesday, December 14, 2016:
The dictionary defines civilization as “an ideal state of human culture characterized by a complete absence of barbarism and non-rational behavior.” Rich Galen thinks a better definition is living in a “constant state of positive assumptions.”
Many of those assumptions are coming into question, with many more already proven to be false. One of them is that pension plans are safe, that promises made will be kept, and that the assumptions underlying those plans regarding rates of return on invested assets are reasonable and that they virtually guarantee predictable results.
Those positive assumptions vanished last summer in Athens when