Oh, I wasn’t arguing in favor of the system. I was just pointing out that if one was to look for the mustache-twirling villains behind everything, they wouldn’t find them at Blackrock. The people working at Blackrock are simply deluded enough to think that they can stave off the pension bomb forever if they just keep the numbers going up forever. As you rightly point out, the system isn’t sustainable. But as long as the overall economic system doesn’t get the drastic general overhaul that it needs (but that nobody has the stomach for), it’ll remain a Nash Equilibrium whereby nobody can move to end it unless everyone does.
Oh, I wasn’t arguing in favor of the system. I was just pointing out that if one was to look for the mustache-twirling villains behind everything, they wouldn’t find them at Blackrock. The people working at Blackrock are simply deluded enough to think that they can stave off the pension bomb forever if they just keep the numbers going up forever. As you rightly point out, the system isn’t sustainable. But as long as the overall economic system doesn’t get the drastic general overhaul that it needs (but that nobody has the stomach for), it’ll remain a Nash Equilibrium whereby nobody can move to end it unless everyone does.