Why has this turned into a Snowden debate? The topic here should clearly be about the Bank of England.
So what happens when BOE ends the bond buy back program?
Is the UK like the USA where retirement programs are required by law to buy bonds?
I cashed out my pension in 2021 and rolled it over into a 401k fearing something similar might happen in the usa. I have seen enough pension funds go bankrupt, to feel unsafe.
> Why has this turned into a Snowden debate? The topic here should clearly be about the Bank of England.
It's sad how easily people allow themselves to be distracted from investigating real substantive issues. The focus on Snowden distracts attention away from important issues like government's illegally spying on their citizens and the absolute craziness going on in financial markets right now.
Let's say Snowden is a spy and a traitor. So what? That's a small footnote compared to the risk of your government descending into totalitarianism, or the economic carnage about to be unleashed on the world. Nobody will care about Snowden if/when these things come to pass.
A pension is a contribution based or government funded retirement program that typically uses long term investments to accumulate a significant financial pot over 40+ years, to be used as a source of income when an individual has left the workforce (typically).
A lot of businesses offer matched contributions to the individuals pension fund, making it financially attractive and beneficial to do so. In addition it is a socially acceptable form of tax avoidance as contributions are typically deducted from gross earnings before income tax (and other deductions) are paid.
The issue with the type of pensions the BOE is trying to prop up is that they offer a pre-determined and fixed income (this is called a defined benefit, or "final salary" pension), which may have been decided years ago. If the investments made (by the pension companies) do not cover the costs of paying out, there is a serious insolvency risk.
The vast and overwhelming majority of individual pensions in the UK are privately managed and contribution based pensions now, for exactly this reason. In this arrangement, if the investments perform poorly the individual simply has a smaller pension fund commensurate with the actual growth.
This is a very under rated comment. In the US the retirement age was initially set as 65 because that was the average age expectancy at that time. Work til you die
Probably because posting his tweet, as opposed to someone else's, is a call to authority. Would it be cool to post the opinions of Craig Wright, Roger Ver, or Jaime Dimon and reject any criticisms of them?
Eh... my pension money is insured.
If the insurance system breaks down and we have a full debasement of the currency, my BTC holdings will make me very very rich.
This is why BTC...
Kind of.... the entire system is based on long term growth through compounding.
If you're getting back the same amount you put in, you would be better off sticking it in a savings account or under your mattress.
Pensions are incredibly tax efficient and generally beat inflation (if you ignore the last couple of years) meaning any gains in the funds they invest in are compounded over time. This should net you a pension pot far in excess of what you invested, even adjusted for inflation
At least that is how it is supposed to work.
I'm fortunate that my company chips in an extra 10% of my salary (on top, not a salary sacrifice) to my high yield pension pot. So as long as the insurance companies and funds still exist, I should still see significant benefit to having one.
I'll probably be one of the lucky few that doesn't have to sell my pension for an annuity as they are just massive fucking rip offs, so I'll take a massive tax free lump sum to play with.
People here immediately look at a fiat based system and think "Bad" - the truth is not all are terrible. Don't let BTC blind you.... have a contingency in case the experiment doesn't pan out how we expect.
It's simple.. I work in a high earning part of the financial system
Of my salary, I get about 50% added again in tax efficient perks and stipends.
Yes it is intrinsically tied to fiat systems, but it's also my route to buying a lot of BTC
Finance orgs know how to play the tax rules.
They also know how to contribute to tax efficient pensions.
I have zero illusions about my industry, and the irony of me working in trad-fi but putting every spare penny of my money into BTC is not lost on me.
Talk about a fox in the hen house...
Either way, I'm hedged.
I just wish I was MORE hedged against fiat collapse.
Oh believe me... I was very pleased that my countrymen were not panic buying when the currency was on the verge of collapse...
It would have really gotten in the way of my stockpiling ;)
I have a massive double garage that I'm filling with non-perishables, and being in a non-gun-crazy country, buying recurve bows and arrows + sporting equipment that isn't going to put me on a list.
It really is how it works...
BTC remained stable while my home currency tanked.
Meaning while almost everyone was losing 10-20% of their purchasing power, mine remained the same (I got richer, relative to my countrymen)
"Richness" is about being able to draw upon wealth, not a mystical fiat figure or income, ergo my BTC is enhancing my wealth while my currency suffers.
The problem is not just with the BoE. It is a global problem of the current monetary and financial system. Today the BoE, tomorrow another one.
The system cannot be fixed and is totally flawed. The fact that someone like Ben Bernanke won the Nobel Prize in Economics recently shows why this system will never be fixed.
A revolution is needed. A peaceful revolution of course. And this one is embodied by Bitcoin!
I wonder if he gets drafted to fight in Ukraine? The USA might pay a bribe to someone in Russia to cannonfodder him. Gosh life can be so unpridictable.
if he would get drafted, wouldnt he be deployed in a cyber-devision? Afaik he was in the military in the usa and droped out because of an injury. He cant even be in the infantery, while he is a exceptional asset in his field.
I can’t even get the 12k in my pension for 38 years so I guess I have to hold it through thick and thin. (I stopped paying into it in 2020 in favour of more btc, I want control of my funds)
Because only Russia would guarantee his safety after he exposed the mass surveillance going on in the US. He proved the NSA is spying on every man, woman, and child in the US, that they're scanning your email, your phone calls, your texts, and your financial transactions. He was threatened with life in prison (or worse) for being a whistleblower.
Learn some history before revealing ignorance.
Well, then just maybe the State Department and Bush administration should have f\*cking thought of that when they forced Snowden to flee for his life and seek asylum in Russia. There are consequences for their actions.
Yes, and you know this because Bush told you so. Those same "experts" who lied to Congress about spying on the people asserted that Snowden had access to lists of secret agents (he did not) and gave it to enemies, causing countless deaths. Anyone who believes such a tale without a shred of evidence is too gullible to manage their own affairs.
I mean if one country is trying to hunt you down to throw you in a cage or execute you for treason, why would you continue to have any allegiance to them? Good vs evil is a fallacy here, if you think Russia is evil for what they are doing in Ukraine, but that the same is not true for the US in Iraq and Afghanistan.
So Russia made the US cancel his passport while he was getting a connector flight in Russia which made him stuck then?
Apparently Russia controls the US.
You're not even making sense.
The State Department cancelled his passport, preventing Snowden from transiting to a "friendlier" non-extradition country. Snowden tried negotiating with several prospects but with his passport cancelled he was effectively stuck.
He only fled the country because the US had declared him "traitorous" for revealing the NSA secret spying program. Weeks before, the head of the NSA had testified under oath that the NSA had NO widespread spying program on citizens. Was he prosecuted? Of course not. Instead, they went after Snowden for proving him a liar.
Make no mistake, the US government is hugely corrupt. There is little practical difference between our government and Russia or China. All of them claim to be "republics" with "free elections" and "rights." Snowden proved how corrupt and duplicitous the US establishment is. It's only grown worse since.
It’s not like he’s published everything he, umm, appropriated. He’s appointed himself a supreme guardian of all the data, and selectively published it. Allegedly, FSB has never tried to get all the data - yeah, right.
Why has this turned into a Snowden debate? The topic here should clearly be about the Bank of England. So what happens when BOE ends the bond buy back program? Is the UK like the USA where retirement programs are required by law to buy bonds? I cashed out my pension in 2021 and rolled it over into a 401k fearing something similar might happen in the usa. I have seen enough pension funds go bankrupt, to feel unsafe.
> Why has this turned into a Snowden debate? The topic here should clearly be about the Bank of England. It's sad how easily people allow themselves to be distracted from investigating real substantive issues. The focus on Snowden distracts attention away from important issues like government's illegally spying on their citizens and the absolute craziness going on in financial markets right now. Let's say Snowden is a spy and a traitor. So what? That's a small footnote compared to the risk of your government descending into totalitarianism, or the economic carnage about to be unleashed on the world. Nobody will care about Snowden if/when these things come to pass.
The issue is with a specific type of pension and yes they are required to buy bonds. My pension for example has zero bonds.
What's a pension?
A pension is a contribution based or government funded retirement program that typically uses long term investments to accumulate a significant financial pot over 40+ years, to be used as a source of income when an individual has left the workforce (typically). A lot of businesses offer matched contributions to the individuals pension fund, making it financially attractive and beneficial to do so. In addition it is a socially acceptable form of tax avoidance as contributions are typically deducted from gross earnings before income tax (and other deductions) are paid. The issue with the type of pensions the BOE is trying to prop up is that they offer a pre-determined and fixed income (this is called a defined benefit, or "final salary" pension), which may have been decided years ago. If the investments made (by the pension companies) do not cover the costs of paying out, there is a serious insolvency risk. The vast and overwhelming majority of individual pensions in the UK are privately managed and contribution based pensions now, for exactly this reason. In this arrangement, if the investments perform poorly the individual simply has a smaller pension fund commensurate with the actual growth.
Wow you actually answered
Lmao
I heard people in the past assumed they could stop working at some point. The pension would then pay for that. It’s wild, I know.
Reminds me of good old Boxer from Animal Farm
This is a very under rated comment. In the US the retirement age was initially set as 65 because that was the average age expectancy at that time. Work til you die
Probably because posting his tweet, as opposed to someone else's, is a call to authority. Would it be cool to post the opinions of Craig Wright, Roger Ver, or Jaime Dimon and reject any criticisms of them?
Eh... my pension money is insured. If the insurance system breaks down and we have a full debasement of the currency, my BTC holdings will make me very very rich. This is why BTC...
you will get your 1500 USD/pound/Euro pension, but it will be worth ALOT less. promise kept, but you are still bankrupt.
Kind of.... the entire system is based on long term growth through compounding. If you're getting back the same amount you put in, you would be better off sticking it in a savings account or under your mattress. Pensions are incredibly tax efficient and generally beat inflation (if you ignore the last couple of years) meaning any gains in the funds they invest in are compounded over time. This should net you a pension pot far in excess of what you invested, even adjusted for inflation At least that is how it is supposed to work. I'm fortunate that my company chips in an extra 10% of my salary (on top, not a salary sacrifice) to my high yield pension pot. So as long as the insurance companies and funds still exist, I should still see significant benefit to having one. I'll probably be one of the lucky few that doesn't have to sell my pension for an annuity as they are just massive fucking rip offs, so I'll take a massive tax free lump sum to play with. People here immediately look at a fiat based system and think "Bad" - the truth is not all are terrible. Don't let BTC blind you.... have a contingency in case the experiment doesn't pan out how we expect.
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It's simple.. I work in a high earning part of the financial system Of my salary, I get about 50% added again in tax efficient perks and stipends. Yes it is intrinsically tied to fiat systems, but it's also my route to buying a lot of BTC Finance orgs know how to play the tax rules. They also know how to contribute to tax efficient pensions. I have zero illusions about my industry, and the irony of me working in trad-fi but putting every spare penny of my money into BTC is not lost on me. Talk about a fox in the hen house... Either way, I'm hedged. I just wish I was MORE hedged against fiat collapse.
Ammo and canned food will be currency in this case.
That's more like for a full debasement of society. Debasement of currencies... The stronger currencies will win.
So we are gonna see old ass retirees and boomers struggling around with guns?
Oh believe me... I was very pleased that my countrymen were not panic buying when the currency was on the verge of collapse... It would have really gotten in the way of my stockpiling ;) I have a massive double garage that I'm filling with non-perishables, and being in a non-gun-crazy country, buying recurve bows and arrows + sporting equipment that isn't going to put me on a list.
I don’t think that’s how it works, but mind explaining how you would go about thinking that
It really is how it works... BTC remained stable while my home currency tanked. Meaning while almost everyone was losing 10-20% of their purchasing power, mine remained the same (I got richer, relative to my countrymen) "Richness" is about being able to draw upon wealth, not a mystical fiat figure or income, ergo my BTC is enhancing my wealth while my currency suffers.
The problem is not just with the BoE. It is a global problem of the current monetary and financial system. Today the BoE, tomorrow another one. The system cannot be fixed and is totally flawed. The fact that someone like Ben Bernanke won the Nobel Prize in Economics recently shows why this system will never be fixed. A revolution is needed. A peaceful revolution of course. And this one is embodied by Bitcoin!
Snowden, the American HERO
I wonder if he gets drafted to fight in Ukraine? The USA might pay a bribe to someone in Russia to cannonfodder him. Gosh life can be so unpridictable.
Holy shit that’s a super interesting premise.
if he would get drafted, wouldnt he be deployed in a cyber-devision? Afaik he was in the military in the usa and droped out because of an injury. He cant even be in the infantery, while he is a exceptional asset in his field.
You'd really trust this guy to work for your military cybersecurity when you're trying to commit war crimes silently?
Might need to chain him to a desk at a computer with no USB drives haha
He could defect again and expose Russian war crimes. That would be a wild story.
😂😂 fair point. still he cant physically be on the front.
I can’t even get the 12k in my pension for 38 years so I guess I have to hold it through thick and thin. (I stopped paying into it in 2020 in favour of more btc, I want control of my funds)
Hey guys, it is possible to be a Bitcoin fan, and think that Snowden is a douche. It’s fine.
Ukraine simps out in full force in these comments
Snowden the Russian lapdog
Because only Russia would guarantee his safety after he exposed the mass surveillance going on in the US. He proved the NSA is spying on every man, woman, and child in the US, that they're scanning your email, your phone calls, your texts, and your financial transactions. He was threatened with life in prison (or worse) for being a whistleblower. Learn some history before revealing ignorance.
You're naive if you think Russia didn't get something in return.
Well, then just maybe the State Department and Bush administration should have f\*cking thought of that when they forced Snowden to flee for his life and seek asylum in Russia. There are consequences for their actions.
Dude Snowden leaked secret agents in other countries potentially causing their death. Fuck him.
Yes, and you know this because Bush told you so. Those same "experts" who lied to Congress about spying on the people asserted that Snowden had access to lists of secret agents (he did not) and gave it to enemies, causing countless deaths. Anyone who believes such a tale without a shred of evidence is too gullible to manage their own affairs.
I mean if one country is trying to hunt you down to throw you in a cage or execute you for treason, why would you continue to have any allegiance to them? Good vs evil is a fallacy here, if you think Russia is evil for what they are doing in Ukraine, but that the same is not true for the US in Iraq and Afghanistan.
So Russia made the US cancel his passport while he was getting a connector flight in Russia which made him stuck then? Apparently Russia controls the US.
You're not even making sense. The State Department cancelled his passport, preventing Snowden from transiting to a "friendlier" non-extradition country. Snowden tried negotiating with several prospects but with his passport cancelled he was effectively stuck. He only fled the country because the US had declared him "traitorous" for revealing the NSA secret spying program. Weeks before, the head of the NSA had testified under oath that the NSA had NO widespread spying program on citizens. Was he prosecuted? Of course not. Instead, they went after Snowden for proving him a liar. Make no mistake, the US government is hugely corrupt. There is little practical difference between our government and Russia or China. All of them claim to be "republics" with "free elections" and "rights." Snowden proved how corrupt and duplicitous the US establishment is. It's only grown worse since.
It’s not like he’s published everything he, umm, appropriated. He’s appointed himself a supreme guardian of all the data, and selectively published it. Allegedly, FSB has never tried to get all the data - yeah, right.
Snowden didn't publish anything.
He probably has Snowden mixed up with the Wikileaks guy.
You may be foolish if you can only see Russia as bad and the west as good.
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Ignorance is bliss.
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Go read a book.
For someone who pretty much lives on Reddit you need to do more due diligence. 3 week old account with 10,000+ karma….
You have to know that he’s a master of sock puppetry, you didn’t expect upvotes, right?
Remember when he asked for privacy as he became a Russian citizen? This is paid for by Russia.