After World War II, there were a lot of pension funds in Europe that were fully funded, but they were pressured to hold a lot of government debt. There was a lot of inflation, and the value of all those assets fell. Those pension funds couldn't honor their promises to the people. (Edward C. Prescott)

After World War II, there were a lot of pension funds in Europe that were fully funded, but they were pressured to hold a lot of government debt. There was a lot of inflation, and the value of all those assets fell. Those pension funds couldn't honor their promises to the people.

Edward C. Prescott

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After our death, when we come face to face with Christ, we will understand the why and how of our lives and we will be told everything we went through in this world. Then, with all the power of our existence, we will say to Him, "Thank you, my God, for allowing these for me!"

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Because Europe was reacting against Islam it belittled the influence of Saracens and exaggerated its dependence on its Greek and Roman heritage. So today an important task for us is to correct this false emphasis and to acknowledge fully our debt to the Arab and Islamic world.

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To win elections, politicians have promised practically endless government spending and covered up the cost, leaving generations of taxpayers obligated to pay off the debt. That's wrong, but neither the U.S. nor Europe has a plan to stop it.

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We can never fully repay the debt of our proud nation to those who have laid down their lives for our country. The best we can do is honor their memory, ensure that their sacrifice is not in vain, and help provide for their families.

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An irresistible footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

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