The French have been out in force for some time now, protesting pension reforms. They were promised a comfortable retirement from the age of 60, and they are now told that this wont happen. They have to wait a few more years.
That's all it took for the French to start protesting in the streets. It's quite a contrast with Norway where the retirement age went from 67 to 70 without anyone raising their voice.
What amazes me the most about the protests in France is that people actually believed that they could all retire at the age of 60.
In what sort of alternative universe are these people living where professional liars, also known as politicians, promise people something that's too good to be true, and everyone expects it to come true because it's been voted upon and turned into law.
Reality, aka God, pays no attention to man made laws. Legislating the impossible has no effect on reality, and only people devoted to Lucifer, the deceiver, would go along with the idea that things might be different. But people have evidently been separated from reality for so long that they really do believe that man made laws can overrule basic economics.
All pension funds, public and private, are by now bona fide Ponzi schemes. They are required by law to deliver the impossible, and are as a consequence underfunded to the point of insolvency. Without reforms, there will be defaults, either in the form of missed and reduced payments, or in the form of currency depreciation.
To protest this is to protest reality itself. This is especially true for those who are second in line for pension pay-outs. If the pension age is kept low, the funds will be emptied in their entirety by the ones first in line, and there will be nothing for the ones second in line. With pension reforms, there will be less for the ones first in line, but at least something for the ones second in line. However, those further back in the queue are going to get next to nothing regardless.
This has been clear for decades to anyone with even the most basic understanding of economics. It's therefore especially absurd to see young people protesting the reforms, because they are fighting a battle for which they will gain nothing regardless of outcome. It's pointless for anyone younger than fifty-five to protest against the pension reforms.
What people should do instead is to set aside savings for themselves. Gold, real-estate, productive land and stocks held directly by individuals is a far safer bet than to trust this type of investments to be done soundly by heavily regulated pension funds.
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